风险提示：主要原材料价格波动风险；行业市场竞争加剧风险；下游汽车3C等行业周期性波动的风 险；一体化压铸产业发展不及预期的风险。 事件：公司公布2025年半年报，2025年上半年实现营业收入27.5亿元，同比增长15.9%；实现归母净利 润3.4 亿元，同比增长15.2%。2025Q2 实现营业收入15.6 亿元，同比增长10.2%，环比增长31.4%；实现 归母净利润2.1 亿元，同比增长15.7%，环比增长60.1%。 2025H1 注塑机稳定增长，压铸机实现30%高增速。2025年公司所处行业景气度企稳回升，公司加大销 售力度，提升市场份额，总体收入保持较快增长。 2025H1 注塑机实现营业收入19.3亿元，同比增长13.1%，毛利率为30.5%，同比微降0.4pp；2025H1 压 铸机业务实现营业收入5.6亿元，同比增长33.3%，毛利率为31.5%，同比下降2.12pp。2024 年公司推出 A6系列高端智能注塑机，逐步实现放量；压铸机方面，公司LEAP 系列压铸机2023 年批量推向市场 后，取得了良好进展。 2025Q2毛利率环比回升，费用管控良好。2025H1 综合毛利率为31.1%，同比 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][2]. Core Insights - The company is expected to achieve steady growth in 2024, with a year-on-year revenue increase of 23.61% to reach 5.063 billion yuan and a net profit growth of 27.42% to 608 million yuan [6]. - The injection molding machine business continues to lead the industry, with revenue growth of 28.80% year-on-year, outperforming the overall market [6]. - The automotive and 3C sectors remain the largest demand sources, with significant year-on-year growth rates of 16.7% and 63.6%, respectively [6]. - New products are being launched, including the A6 series high-end intelligent injection molding machines and NEXT² series die-casting machines, which support capacity expansion and performance growth [6]. Financial Performance - In Q1 2025, the company reported a revenue of 1.187 billion yuan, a year-on-year increase of 24.32%, and a net profit of 132 million yuan, up 14.29% [6]. - The company’s total revenue for 2024 is projected to be 5.699 billion yuan, with a year-on-year growth of 13% in 2025 [8]. - The gross profit margin for injection molding machines was 31.78% in 2024, slightly down by 1.52 percentage points year-on-year [6]. Market Position - The company is recognized as a leader in the injection molding machine sector, with its revenue performance consistently exceeding industry averages [6]. - The overall market for plastic processing equipment in China is expected to grow by 5.3% in 2024, indicating a favorable environment for the company’s growth [6]. Shareholder Information - The major shareholder, Jiazhuo Holdings Limited, holds a 29.32% stake in the company [2].