民生证券给予华明装备推荐评级，2025年中报点评：2025Q2业绩符合预期，海外市场增速亮眼

Group 1 - The core viewpoint of the report is that Huaming Equipment (002270.SZ) is given a recommended rating due to its improving financial metrics and growth prospects [2] - The company's gross margin and net profit margin (excluding non-recurring items) have shown continuous improvement [2] - The core business of the company is experiencing sustained growth, with notable acceleration in overseas market expansion [2] - The company has successfully achieved batch operation of its ultra-high voltage tap switches [2]