华源证券：给予华明装备买入评级

Core Viewpoint - The report highlights the strong performance of Huaming Equipment's overseas business and the confidence reflected in the employee stock ownership plan, leading to a "buy" rating for the company [1] Financial Performance - In H1 2025, the company achieved operating revenue of 1.12 billion yuan, a slight increase of 0.04% year-on-year, and a net profit attributable to shareholders of 368 million yuan, up 17.2% year-on-year [1] - The net profit for Q2 2025 was 197 million yuan, reflecting a year-on-year growth of 5.1% [1] - The power equipment segment generated revenue of 959 million yuan in H1 2025, representing a year-on-year increase of 15% [1] Export and Profitability - The company's power equipment exports (both direct and indirect) reached 311 million yuan in H1 2025, marking a significant year-on-year growth of 45% [1] - Direct exports accounted for 157 million yuan (up 20% year-on-year), while indirect exports were 154 million yuan (up 84% year-on-year) [1] - The gross margin for the power equipment segment improved to 60.5%, an increase of 0.88 percentage points year-on-year [1] CNC Equipment and Power Engineering - The CNC equipment segment saw rapid growth, with revenue of 111 million yuan in H1 2025, a year-on-year increase of 41% [2] - Export revenue for CNC equipment was 51 million yuan, reflecting a substantial year-on-year increase of 219% [2] - The power engineering segment, however, experienced a significant decline, with revenue dropping to 24 million yuan, down 88% year-on-year [2] Expense and Profit Margin - The overall expense ratio increased due to the decline in revenue, with sales, management, R&D, and financial expense ratios at 8.44%, 6.15%, 3.44%, and -2.23% respectively [2] - Despite the increase in expense ratios, the overall gross margin improved to 55.5%, a notable increase of 7.74 percentage points year-on-year [2] Profit Forecast and Rating - The company has adjusted its net profit forecasts for 2025-2027 to 680 million, 766 million, and 871 million yuan, with year-on-year growth rates of 10.7%, 12.7%, and 13.8% respectively [2] - The current price corresponds to a price-to-earnings ratio of 24, 21, and 19 for the respective years [2] - The company maintains a strong position in the domestic switchgear market and is actively expanding into overseas markets, leading to a new growth trajectory [2]