Dongguan Yiheda has reported 1H26 revenue of RMB1,854mn (+26.90% YoY), an attributable net profit of RMB318mn (+12.97% YoY), and a recurring net profit of RMB314mn (+13.69% YoY). For 2Q26, revenue was RMB1,107mn (+31.70% YoY), with an attributable net profit of RMB189mn (+18.27% YoY), accelerating further from 1Q26, driven by demand from new energy and other industries. Maintain BUY, as the company's FA platform advantages remain intact and overseas expansion and non-standard business could contribute revenue.
Strong revenue growth driven by new energy demand
For 1H26, revenue rose 26.90% YoY. By industry, new energy revenue was RMB476mn (+48.35% YoY) and 3C + mobile phone revenue was RMB406mn (+15.10% YoY), both faring well. By product, linear motion components revenue was RMB532mn (+33.51% YoY) and transmission components revenue was RMB238mn (+37.28% YoY). The attributable net profit for 1H26 was RMB318mn (+12.97% YoY), with growth lagging revenue due to higher administrative and selling expenses. The recurring net profit was RMB314mn (+13.69% YoY).
Earnings forecasts and valuation
Given downstream industry momentum, we raise our revenue growth forecasts for the lithium battery and 3C segments and lift our 2026/2027/2028 attributable net profit estimates by 6.43/5.57/6.51% to RMB676/821/992mn, with EPS of RMB1.06/1.29/1.56. Comparable companies trade at an average 2026E PE of 38x (previous: 41x) on Wind consensus. As Yiheda’s FA platform advantages remain intact and overseas expansion and non-standard business could contribute incremental revenue, but monetization still takes time, we assign a 2026E PE of 40x (previous: 47x) for our target price of RMB42.40 (previous: RMB47). BUY.
Risks: intensifying industry competition, slower downstream demand recovery than we expect, and slower strategy execution than we expect.

　　核心观点
　　事件：公司披露2026年中报业绩。26H1公司实现营业收入18.54亿元，同比+26.90%；实现归母净利润3.18亿元，同比+12.97%。26Q2收入11.07亿元，同比+31.70%；归母净利润1.89亿元，同比+18.27%，环比+46.47%。
　　下游需求景气，收入实现较快增长。受益于下游终端锂电行业周期复苏，半导体等行业景气上行，上半年公司收入实现快速增长。分板块来看，新能源板块收入4.76亿元，同比+48.35%；3C+手机板块收入4.06亿元，同比+15.10%；汽车收入1.68亿元，同比-3.96%。
　　毛利率基本稳定，费用率提升致净利率下滑。26H1公司综合毛利率38.94%，同比-0.16pct；净利率17.17%，同比-2.11pct。分板块看，新能源毛利率31.21%，同比-2.64pct，3C+手机业务毛利率40.53%，同比+0.05pct；汽车业务毛利率42.21%，同比+5.09pct。费用端方面，上半年公司四项费用率合计18.47%，同比+2.50pct，费用率提升主要系员工薪酬、推广费用增加以及股权激励费用支出等因素影响。
　　一站式服务能力持续提升，全球市场及客户加速拓展。公司优化FB非标零部件供给形态，提升非标零部件加工的流程标准化能力，并通过FX业务解决小微客户一站式采购难题，打造出FA+FB+FX一站式采购平台，持续提升品牌竞争力。在客户和市场方面，公司通过电商平台等线上渠道进一步增加客户覆盖数量，凭借中国优势行业出海机遇深入开拓全球市场。未来随着各下游行业的快速发展和全球客户覆盖的加速渗透，公司业绩有望保持稳健增长。
　　投资建议：预计公司26-28年将分别实现归母净利润6.32亿元、7.62亿元、9.02亿元，对应EPS为0.99、1.20、1.42元，对应PE为26倍、21倍、18倍，维持推荐评级。
　　风险提示：固定资产投资不及预期的风险，下游需求复苏不及预期的风险，市场竞争加剧的风险等。

　　投资要点
　　业绩稳健增长，Q2增速加快：
　　2026H1公司实现营业收入18.54亿元，同比+26.90%，实现归母净利润3.18亿元，同比+12.97%，实现扣非归母净利润3.14亿元，同比+13.69%。单Q2公司实现营业收入11.07亿元，同比+31.7%，归母净利润1.89亿元，同比+18.27%，实现扣非归母净利润1.83亿元，同比+18.85%。分下游看，2026H1新能源/3C+手机/汽车行业分别实现收入4.76/4.06/1.6亿元，同比分别+48.35%/+15.10%/-3.96%。26Q2净利润增速低于营收增速，主要系新能源下游收入占比提高，整体综合毛利率略有下滑，叠加费用率略有提升。
　　毛利率维持高位，费用投入加大致利润增速低于收入：
　　2026H1公司综合毛利率为38.94%，同比-0.16pct；销售净利率为17.2%，同比-2.12pct。分下游看，2026H1新能源/3C+手机/汽车行业毛利率分别为31.21%/40.53%/42.21%，同比-2.64pct/+0.05pct/+5.09pct。Q2单季度公司毛利率38.88%，同比-0.95pct；净利率17.08%，同比-1.94pct，毛利率下滑主要系收入结构改变。2026H1公司期间费用率为18.5%，同比+2.5pct，其中销售/管理/财务/研发费用率分别为5.4%/9.0%/-0.1%/4.2%，同比+0.42pct/+1.29pct/+0.59pct/+0.20pct。
　　经营现金流健康，存货随规模扩张合理增长：2026H1，公司经营活动现金流净额为2.29亿元，同比+7.51%，现金流保持健康水平。截至2026H1，存货为6.57亿元，较年初+40.80%，主要系订单和销售出库额增加导致原材料、库存商品以及发出商品增加。
　　一站式采购平台持续深化，全球化布局初具雏形：公司深耕FA工厂自动化零部件领域，已构建覆盖233个大类、4,259个小类、320余万个SKU的产品体系，一站式采购优势持续巩固。（1）线上化持续推进：电商平台线上订单收入同比增长27.02%，渗透率稳步提升；（2）海外布局加速：继香港、日本、越南子公司后，报告期内新设欧洲子公司，业务已触达全球30多个国家和地区；（3）产能建设有序推进：截至2026H1，华东运营总部项目工程累计投入占预算比例达43.59%，建成后将进一步强化华东区域交付能力。中长期看，公司作为国内FA零部件一站式采购龙头，有望持续受益于自动化设备国产替代及长尾需求整合趋势。
　　盈利预测与投资评级：考虑到当前行业竞争加剧，我们下调公司2026-2027年归母净利润预测为6.32（原值：6.83）/7.68（原值：8.08）亿元，预计2028年归母净利润为9.29亿元，当前股价对应动态PE分别为26/21/18倍，维持公司的“买入”评级。
　　风险提示：制造业复苏不及预期，原材料价格波动，FB业务进展不及预期。

　　公司2026H1实现营业收入18.54亿元，同比+26.90%；归母净利润3.18亿元，同比+12.97%；扣非归母净利润3.14亿元，同比+13.69%。Q2单季营收11.07亿元，同比+31.70%，单季归母净利润1.89亿元，同比+18.27%，较26Q1进一步加快，主要系新能源等行业需求释放。考虑到公司FA平台优势巩固、出海及非标业务打开增量空间，维持"买入"评级。
　　营收高增系新能源需求释放
　　26H1营业收入同比+26.90%，分行业来看，新能源行业收入4.76亿元、同比+48.35%，3C+手机收入4.06亿元、同比+15.10%，增速较为显著；分产品来看，直线运动零件收入5.32亿元、同比+33.51%，传动零部件收入2.38亿元、同比+37.28%。26H1归母净利润3.18亿元、同比+12.97%，增速低于营收，主要系管理费用与销售费用增长；扣非净利润3.14亿元、同比+13.69%。
　　毛利率基本平稳，费用率上升压制利润
　　26H1毛利率38.94%，同比-0.16pct，26Q2毛利率38.88%，同比-0.95pct，毛利率基本维持平稳；26H1净利率17.17%，同比-2.12pct，26Q2单季17.08%，同比-1.94pct，主要系管理费用率有所上涨。26H1销售费用率5.40%，同比+0.42pct，管理费用率8.97%，同比+1.29pct，研发费用率4.24%，同比+0.20pct，财务费用率-0.14%，同比+0.59pct；管理费用同比+48.25%系管理岗位薪酬增加、数字化投入加大及股份支付计提所致，剔除后同比+35.83%。
　　FB非标全链路信息化推进，中期分红回报股东
　　26H1线上订单收入3.23亿元、同比+27.02%，长尾需求触达持续深化。FB非标业务三项能力突破：自动报价引流报价图纸超7万份，询价单据转化率同比提升约20pct；新增数车自动编程功能，并进一步研发五轴自动编程；柔性产线产能持续提升，单散件自动加工能力增强。26H1服务客户约3.62万家、同比增加约0.44万家，产品体系涵盖320余万个SKU，业务触达全球30多个国家和地区。公司同步推出中期分红，拟每10股派现2.5元、合计1.59亿元，占26H1归母净利润约50%。
　　盈利预测与估值
　　考虑到下游景气度，我们上调锂电及3C板块营收增速，上调公司26-28年归母净利润至6.76/8.21/9.92亿元（较前值分别调整6.43%/5.57%/6.51%），对应EPS为1.06/1.29/1.56元。考虑到公司FA平台优势巩固、出海及非标业务打开增量空间，但兑现仍需时间，可比公司2026年平均PE38x（前值41x），我们给予公司2026年40xPE（前值47x），目标价为42.4元（前值47元）。
　　风险提示：行业竞争加剧；下游需求恢复不及预期；战略推进不及预期。

Yiheda has released its 2025 annual report.Revenue reached RMB2,948mn(+17.71%YoY)and attributable net profit came in at RMB512mn(+26.60%YoY),which was broadly in line with our forecast of RMB508mn.Recurring net profit was RMB495mn(+24.23%YoY).For 4Q25,revenue was RMB751mn(+16.01%YoY,+1.98%QoQ),with attributable net profit of RMB94.57mn(+24.19%YoY,-30.33%QoQ).For 1Q26,revenue reached RMB746mn(+20.39%YoY,-0.61%QoQ),with attributable net profit of RMB129mn(+6.02%YoY,+36.53%QoQ)and recurring net profit of RMB131mn(+7.21%YoY).Maintain BUY,given the enduring high barriers to entry embedded in Yiheda’s business model.
Lithium battery/3C/auto delivered strong revenue growth
For 2025,revenue grew 17.71%YoY.By sector,revenue from lithium battery/3C/auto reached RMB679/663/349mn,up 40.25/15.01/21.67%YoY.Offline order revenue was RMB2,408mn,accounting for 81.70%of the total and rising 21.74%YoY.The company served roughly 46,200 transacting customers in 2025,adding around 6,700 new ones.The top five downstream sectors were well-balanced in share,reflecting the company’s efforts to broaden its customer base and optimize the revenue mix.In 1Q26,the lithium battery sector sustained strong momentum,with revenue up 45%YoY.
Gross margin recovering,net margin softened
Overall gross margin in 2025 was 39.14%(+3.89pp YoY).The expansion was mainly driven by the lithium battery sector,where gross margin surged 9.27pp YoY,and the 3C sector,where it rose 3.58pp YoY.The 2025 total expense ratio stood at 19.15%(+2.53pp YoY),largely due to higher management compensation and share-based incentive costs,which pushed the admin expense ratio up 1.69pp YoY.In 1Q26,gross margin was 39.02%(+0.92pp YoY),while net margin came in at 17.3%(-2.34pp YoY).The net margin decline was mainly attributable to share-based incentive expenses,with the admin expense ratio rising 1.98pp YoY.
Advancing global expansion and optimizing supply chain
According to company filings,Yiheda is building afour-pronged strategy:accelerating FA,deepening FB,expanding overseas,and incubating MRO.Overseas,it has set up aforward warehouse in Bac Ninh,Vietnam,and its business now covers over 30 countries,shifting its globalization focus from products to service network.AI-driven drawing recognition and parsing accuracy has reached 90%,and 13 flexible production lines enable consolidated delivery of non-standard parts.The full chain from order intake to smart scheduling and collaborative outsourcing is now connected,reinforcing its leadership as an automation component platform.
Earnings forecasts and valuation
We revise our 2026/2027/2028 attributable net profit forecasts to RMB635/778/931mn(+3.16%/+0.56%vs our prior estimates for 2026/2027),implying athree-year CAGR of 22.06%and EPS of RMB1.00/1.23/1.47.Comparable companies trade at an average 2026E PE of 41x(previous 29x)on Wind consensus and Huatai estimates.Given the enduring high barriers to entry embedded in Yiheda’s business model,we assign a2026E PE of 47x(previous 35x),yielding atarget price of RMB47(previous RMB33.95).
Risks:intensifying industry competition;weaker downstream demand recovery than we expect;slower strategic execution than we expect.

　　公司发布2025年报和2026年一季报，收入实现较快增长。2025年实现营业收入29.48亿元，同比增长17.71%；实现归母净利润5.12亿元，同比增长26.60%。2026Q1实现营业收入7.46亿元，同比增长20.39%；实现归母净利润1.29亿元，同比增长6.02%。
　　2025年公司毛利率39.14%，同比提升3.89个百分点。主要原因：1）产品结构优化，直线运动零部件、传动零部件、机械加工件等高毛利品类收入占比提升；2）客户结构优化，面向核心合作客户深化前置协同配套服务，深度绑定长期合作订单；同步完善全域客户服务体系，优化全流程采购对接体验，全面提升各类客户合作粘性与优质订单占比。
　　公司毛利率水平有望维持，实现路径主要有以下几点：1）产品力持续提升，通过精益生产和集成供应链体系，持续提升品质、交期；2）产品结构调整，锂电光伏等性价比要求高的行业推出更适合客户的产品体系；3）怡合达自有品牌持续开发；4）高毛利率、高壁垒行业持续破局。
　　FB业务市场空间大，有望成为第二增长曲线。现阶段公司重点在围绕非标单散件服务能力的构建，包括自动报价、自动编程、柔性产线等，同时公司也在逐步与外协供应商建立合作，目前稳定合作的大概几十家。目前华南、华东合计有十几条柔性线在运行，稼动率有显著提升，非标零散件制造设备稼动率由之前12%提升至37%，最高峰达80%。今年公司将继续加大对非标零散件制造能力投入，华南、华东计划合计投完二十多条线。
　　海外业务是重点拓展方向，正构建本地化运营能力。现阶段海外开拓重点以基础设施建设为主，阶段性完成怡合达越南有限公司信息化系统搭建，作为试点打造海外本土运营能力，租用厂房已投入使用，符合当地使用习惯和当地语言的电商平台、选型手册已上线。公司正在构建海外长尾化需求一站式服务所需的本土运营能力，解决海外客户之前“零部件单独设计+线下多家供应商采购”方式面临的品类、交期、品控等各种痛点。
　　投资建议：预计公司2026-2028年实现营收35.36/41.65/48.19亿元，归母净利润6.30/7.47/8.59亿元，EPS为0.99/1.18/1.35元，PE估值分别为30/25/22倍，低于可比公司平均估值。首次覆盖，给予“推荐”评级。
　　风险提示：下游需求不及预期、行业竞争加剧、新产品开发进展不及预期。