Core Viewpoint - The company, Changying Precision (300115), reported a revenue of 8.64 billion yuan for the first half of 2025, reflecting a year-on-year growth of 12.33%, with a focus on consumer electronics and new energy sectors [2][10]. Financial Performance - The company achieved a net profit attributable to shareholders of 306 million yuan, a decrease of 29.37% year-on-year, while the non-recurring net profit increased by 32.18% to 288 million yuan [10]. - In Q2 2025, the company recorded a revenue of 4.245 billion yuan, up 13.14% year-on-year, and a net profit of 131 million yuan, an increase of 5.7% [10]. Business Segments - The main business segments include consumer electronics, accounting for approximately 70% of total revenue, and new energy, contributing about 30% [2]. - The new energy business showed a robust growth rate of 37.09%, generating revenue of 2.939 billion yuan in the first half of 2025 [2]. R&D and Innovation - The company has increased R&D expenses significantly to prepare for a major project in the consumer electronics sector expected to enter mass production in Q4 2025 [4]. - The company is expanding its product offerings in the AI and humanoid robot sectors, with revenue from humanoid robot components exceeding 35 million yuan in the first half of 2025, compared to just 10.11 million yuan for the entire year of 2024 [2][6]. Production Capacity and Global Presence - The company has established production bases in Vietnam and Mexico, with plans for a factory in Hungary [5]. - A new smart manufacturing industrial park in Shenzhen is expected to be operational in Q4 2025, focusing on humanoid robot-related products [5]. Market Position and Future Outlook - The company aims to maintain its competitive edge in the humanoid robot market by leveraging its expertise in precision mold manufacturing and offering comprehensive services to clients [8]. - The humanoid robot business is anticipated to become a significant growth driver, with the potential for substantial market expansion as applications diversify [9].

格隆汇9月10日｜中邮证券研报指出，长盈精密上半年实现归母净利润3.06亿元，同比减少29.37%；扣 非归母净利润2.88亿元，同比增长32.18%。多产品线并进，业绩稳定增长。在人形机器人方面，公司从 2024年开始加快相关产能的建设，为海内外人形机器人客户开发如铝合金、镁合金、钛合金等金属材 料，PEEK、IGUS等工程塑料，橡胶、尼龙等多种材料的零件，目前公司已取得了多个国产、海外人形 机器人品牌的量产订单。在服务器方面，公司开发的应用于服务器、工作站内部高速背板连接器产品已 给国内头部客户送样验证，同时公司收购了深圳市威线科电子有限公司51%的股权，丰富高速铜连接模 组产品线，为海外连接器头部客户及AI服务器客户提供产品。维持"买入"评级。 ...