民生证券：维持华明装备“推荐”评级，出海进程全面加速

Core Viewpoint - Minsheng Securities report indicates that Huaming Equipment's net profit attributable to shareholders for H1 2025 is 368 million yuan, an increase of 17.17% year-on-year, with Q2 2025 net profit reaching 197 million yuan, up 5.10% year-on-year and 15.06% quarter-on-quarter [1] Financial Performance - The company's gross margin and net profit margin excluding non-recurring items continue to improve [1] - Non-recurring gains and losses significantly impacted H1 2025 due to the disposal of subsidiary equity, resulting in a loss of 11.54 million yuan [1] - The company's core profitability continues to enhance despite the impact of non-recurring items [1] Business Growth - Core business continues to grow, with notable acceleration in overseas market expansion [1] - In 2025, the company's vacuum on-load tap changer will officially achieve mass operation in the ±800KV UHVDC line from Longdong to Shandong, positioning the company as a leader in domestic tap changer replacement [1] - The ongoing promotion of UHV lines and the domestic substitution process of core products are expected to bring new business increments to the company [1] Market Position - The company is a leader in the domestic transformer tap changer market, with a stable competitive landscape [1] - The company's overseas expansion is accelerating [1] - Based on the closing price on August 8, the company's PE ratios for 2025-2027 are projected at 23X, 20X, and 17X respectively [1] - The report maintains a "recommend" rating for the company [1]