Core Viewpoint - The company reported a revenue of 1.224 billion yuan in the first half of 2025, representing a year-on-year increase of 15.44%, and a net profit attributable to shareholders of 105 million yuan, up 1.38% year-on-year [1] Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 618 million yuan, which is a year-on-year increase of 25.03%, while the net profit attributable to shareholders was 46 million yuan, showing a year-on-year decrease of 9.04% [1] - The revenue from the company's new energy vehicle components, EGR and injection systems, and precision automotive parts for the first half of 2025 was 485 million, 451 million, and 287 million yuan respectively, with year-on-year growth rates of 6.05%, 27.44%, and 19.61% [2] Margin and Cost Structure - The net profit margin for Q2 2025 was 7.45%, down by 2.79 and 2.23 percentage points year-on-year and quarter-on-quarter respectively [3] - The gross margin in Q2 2025 decreased by 1.46 percentage points to 18.01% year-on-year, primarily due to increased depreciation and slower revenue growth [3] - The company maintained a good control over selling expenses, with a selling expense ratio of 0.42%, down 1.02 and 0.35 percentage points year-on-year and quarter-on-quarter respectively [3] Strategic Developments - The company is progressively clarifying its "1+3" strategic layout in humanoid robotics, with "1" referring to the self-developed "Lansen" robot and "3" to three core components: harmonic reducers, dexterous hands, and tactile sensors [4] - The company successfully developed a lightweight harmonic reducer that reduces weight by 30%-40% compared to traditional products, with an expected production capacity of approximately 70,000 units by Q1 2026 [4] Future Outlook - The company anticipates a recovery in performance in the second half of 2025, driven by volume and price increases in its main business, alongside a well-established layout in the humanoid robotics sector [5] - The profit forecast for 2025-2027 has been adjusted to 327 million, 414 million, and 482 million yuan respectively, with the current stock price corresponding to PE ratios of 30.0, 23.8, and 20.4 times [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue for the first half of 2025 reached 1.224 billion yuan, a year-on-year increase of 15.44%, with a net profit attributable to shareholders of 105 million yuan, up 1.38% year-on-year. In Q2 2025, revenue was 618 million yuan, a year-on-year increase of 25.03%, while net profit attributable to shareholders was 46 million yuan, down 9.04% year-on-year [3][9] - The company is expected to see a recovery in performance in the second half of 2025, driven by a combination of volume and price increases in its main business, alongside a well-defined strategic layout in the humanoid robotics sector [9] Financial Performance Summary - In H1 2025, the company's revenue from various segments included 485 million yuan from new energy vehicle components, 451 million yuan from EGR and injection systems, and 287 million yuan from precision automotive parts, with year-on-year growth rates of 6.05%, 27.44%, and 19.61% respectively [5] - The company's gross profit margin in Q2 2025 was 18.01%, down 1.46 percentage points year-on-year, primarily due to increased depreciation and slower revenue growth [5][9] - The company has a projected revenue of 3.35 billion yuan for 2025, with a net profit of 327 million yuan, reflecting a growth rate of 39.7% and 45.8% respectively [7][9] Strategic Developments - The company is advancing its humanoid robotics strategy, which includes the self-developed "Lansen" robot and key components such as lightweight harmonic reducers and dexterous hands. The production capacity for harmonic reducers is expected to reach approximately 70,000 units by Q1 2026 [6][9] - The strategic investment in Dida Intelligent has enabled the company to develop the world's first high-performance tactile sensor, enhancing its competitive edge in the humanoid robotics market [6][9]

Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in revenue and net profit, driven by core business expansion and optimization of business structure [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.4 billion, a year-on-year increase of 31.2%, and a net profit attributable to shareholders of 220 million, up 52.8% year-on-year [1]. - For Q4 2024, revenue reached 750 million, with a year-on-year increase of 17.8% and a quarter-on-quarter increase of 29.4%. Net profit for the same period was 70 million, reflecting a year-on-year increase of 42.2% and a quarter-on-quarter increase of 40.7% [1]. - The overall gross profit margin for 2024 was 18.0%, with an adjusted margin of approximately 18.6%, up 0.8 percentage points year-on-year [2]. Business Segments - The EGR and injection system segment generated revenue of 730 million, a year-on-year increase of 29.9%. The new energy products segment contributed 1.03 billion, up 29.2%, while the precision parts segment saw revenue of 540 million, a 12.4% increase [1]. - The EGR segment benefited from increased sales of hybrid models from key clients like BYD and Chery, with sales volume reaching 1.355 million units, contributing 320 million in revenue [1]. - The new energy business has established partnerships with leading clients such as Tesla and Seres, with plans to expand into the assembly sector [1]. Strategic Initiatives - The company is accelerating its diversification strategy, focusing on the robotics sector, including humanoid robots and low-altitude aircraft [3]. - A new subsidiary, Longsheng Weirui, was established to enhance capabilities in the robotics field, with plans for an acquisition of Weihan Intelligent to strengthen the transmission segment [3]. - The company anticipates significant growth potential in the automotive precision processing technology that can be applied to robotic joint components [3]. Future Outlook - Revenue projections for 2025-2027 are estimated at 3.11 billion, 3.61 billion, and 4.09 billion, with net profits expected to reach 290 million, 360 million, and 430 million respectively [3].