华源证券给予华明装备买入评级，海外业务表现亮眼，员工持股计划彰显信心

Core Viewpoint - Huaming Equipment (002270.SZ) has been rated as a "buy" by Huayuan Securities based on its performance in the first half of 2025, highlighting steady revenue growth and profitability improvements [2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.12 billion yuan, representing a year-on-year growth of 0.04% [2]. - The net profit attributable to shareholders reached 368 million yuan, showing a year-on-year increase of 17.2% [2]. - The net profit after deducting non-recurring gains and losses was 361 million yuan, reflecting a year-on-year growth of 22.8%, meeting expectations [2]. Business Segments - The export performance of electrical equipment has been strong, contributing to a steady improvement in profitability [2]. - The growth of CNC equipment has been rapid, while the electrical engineering business has seen a significant contraction [2]. - The increase in expense ratio is attributed to the decline in revenue [2].