CEI(SH:688128) Zheng Quan Zhi Xing·2025-08-21 16:48Core Views - The report highlights the financial performance of China National Electric Apparatus Research Institute Co., Ltd. (China Electric Research) for the first half of 2025, showing significant growth in revenue and profit across its main business segments [2][3][15]. Company Overview and Financial Indicators - The company reported a total revenue of approximately 2.33 billion yuan, representing a year-on-year increase of 12.88% [3]. - The total profit reached approximately 299.58 million yuan, marking a 29.53% increase compared to the previous year [3]. - The net profit attributable to shareholders was approximately 258.24 million yuan, reflecting a growth of 31.28% [3]. - The basic earnings per share increased to 0.64 yuan, a rise of 30.61% from the previous year [3]. Business Segments Quality Technical Services - The quality technical services segment is a key area for the company, focusing on inspection, testing, certification, and standardization, which are essential for enhancing product quality in various industries [4][5]. - The segment has seen stable growth, driven by increasing demand in smart home and emerging business areas, despite facing short-term pressures from rising costs [15]. Electrical Equipment and Complete Equipment - The electrical equipment segment has experienced significant revenue and profit growth, particularly in the new energy battery post-processing systems, which benefited from large orders and a recovering industry [15]. - The complete equipment segment faced challenges due to long project execution cycles and high base effects from the previous year, but it continues to develop new high-end clients and expand its market share [15][16]. Environmental Coatings and Resins - The environmental coatings and resins segment has maintained steady growth, with a focus on powder coatings and water-based coatings, which are increasingly in demand due to environmental regulations [16][12]. - The company has successfully penetrated new markets, including Egypt and Brazil, enhancing its international sales [16]. Industry Context - The quality technical services industry is experiencing robust growth, with the number of accredited testing institutions in China reaching 53,057 and generating revenue of approximately 487.6 billion yuan, a year-on-year increase of 4.41% [5]. - The electrical equipment industry is closely linked to the growth of green and clean energy sectors, with significant increases in lithium battery production driven by electric vehicle demand [7]. - The environmental coatings market is shifting towards eco-friendly products, with powder coatings and water-based coatings gaining market share as part of the national strategy for ecological civilization [12][16]. Innovation and R&D - The company has increased its R&D investment to approximately 182 million yuan, a growth of 8.70%, focusing on enhancing its technological capabilities and developing new products [17]. - The establishment of various national-level research platforms has strengthened the company's innovation foundation, leading to significant technological advancements and recognition in the industry [18][19].