Core Viewpoint - The company reported its 2025 semi-annual results, showing a revenue increase but a decline in net profit, while maintaining a strong focus on R&D investment for future growth [1][2][3]. Financial Performance - In the first half of 2025, the company achieved a revenue of 375 million yuan, a year-on-year growth of 32.84% [1] - The net profit attributable to shareholders was 117 million yuan, a decrease of 4.51% year-on-year [1] - The non-deductible net profit was 106 million yuan, with a growth of 2.05% year-on-year [1] - In Q2 2025, the company reported a revenue of 204 million yuan, a year-on-year growth of 22.7% [1] - The net profit for Q2 was 66 million yuan, down 7.5% year-on-year [1] Expense and Profitability Analysis - The company's expense ratio for the first half of 2025 was 28.94%, an increase of 11.97 percentage points year-on-year [2] - The R&D expense ratio was 18.85%, up 4.61 percentage points year-on-year [2] - The gross profit margin was 52.41%, a slight decrease of 0.76 percentage points year-on-year [2] Market Position and Future Outlook - The company is a leader in the BLDC motor drive control chip sector and is expanding into various downstream applications such as home appliances, automotive, and industrial sectors [3] - The company expects significant revenue growth from 2025 to 2027, with projected revenues of 854 million, 1.222 billion, and 1.763 billion yuan, respectively, reflecting year-on-year growth rates of 42.3%, 43.0%, and 44.3% [3] - The forecasted net profit for the same period is 260 million, 395 million, and 626 million yuan, with growth rates of 17.0%, 51.8%, and 58.6% respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next six months [6]. Core Views - The company achieved a revenue of 375 million yuan in the first half of 2025, representing a year-on-year growth of 32.84%. However, the net profit attributable to shareholders decreased by 4.51% to 117 million yuan [1]. - The company is positioned as a leader in the BLDC motor control chip sector, with significant growth potential in downstream applications such as home appliances, automotive, and industrial sectors [3]. - The report forecasts revenues for 2025, 2026, and 2027 to be 854 million yuan, 1.22 billion yuan, and 1.76 billion yuan, respectively, with year-on-year growth rates of 42.3%, 43.0%, and 44.3% [3]. Financial Performance - In the first half of 2025, the company reported a gross margin of 52.41%, a slight decrease of 0.76 percentage points year-on-year. The operating expense ratio was 28.94%, up by 11.97 percentage points year-on-year, primarily due to increased share-based payment expenses [2]. - The company’s net profit for the second quarter of 2025 was 66 million yuan, a decrease of 7.5% year-on-year, while the adjusted net profit grew by 1.5% to 62 million yuan [1][2]. Market Position and Growth Potential - The company is focusing on expanding its presence in the white goods, automotive, industrial, and emerging sectors like robotics, leveraging its advanced technology and product performance [3]. - The report highlights the increasing demand for high-performance motor control chips driven by advancements in automation and smart technologies, positioning the company favorably in the market [3].

Core Insights - The company reported a revenue of 600 million yuan for 2024, representing a year-on-year increase of 45.9%, with a net profit of 222 million yuan, up 27.2% year-on-year, and a non-net profit of 188 million yuan, up 59.2% year-on-year, which is in line with expectations [1] - The company is benefiting from the accelerated penetration of BLDC motors, with revenue from motor control MCU and ASIC increasing by 40% and 76% respectively in 2024 [2] - The company has increased its R&D investment by 37.9% year-on-year, focusing on emerging fields such as industrial control and automotive applications [3] - A joint venture with Sanhua Holdings is planned to advance research in hollow cup motors, aiming to overcome key technological bottlenecks [4] - The company is positioned as a leading domestic manufacturer of motor drive control chips, with significant growth potential in the BLDC motor market [5] Financial Performance - 2024 revenue reached 600 million yuan, a 45.9% increase year-on-year, with a gross margin of 53.24% and a net margin of 37.04% [1] - Q4 2024 revenue was 167 million yuan, an 11.3% increase quarter-on-quarter, but net profit decreased by 37.6% due to a decline in interest income [1] Business Segments - The main business segment, motor control MCU, generated 385 million yuan in revenue, accounting for 64.2% of total revenue, with a gross margin of 55.71% [2] - The second segment, motor control ASIC, generated 85 million yuan, representing 14.1% of total revenue, with a gross margin of 58.92% [2] R&D and Future Prospects - R&D investment for 2024 was 117 million yuan, a 37.9% increase year-on-year, with a focus on automotive, industrial control, and robotics sectors [3] - The company is expected to benefit from the growth in the white goods and automotive chip markets, with revenue shares increasing in these areas [3] Strategic Partnerships - The planned joint venture with Sanhua Holdings aims to enhance capabilities in the hollow cup motor technology, which is crucial for the robotics sector [4] Market Outlook - The global BLDC motor market is projected to reach 20.991 billion USD in 2024, with a CAGR of 6.8% from 2025 to 2030, indicating a robust growth opportunity for the company [5]