海天国际(1882.HK)：全球化布局的经营韧性突显

Group 1 - The company reported a stable revenue growth of 12.5% year-on-year for the first half of 2025, reaching 9.02 billion RMB, with a gross margin of 32.8%, slightly up by 0.5 percentage points, primarily due to lower raw material prices [1] - The net profit attributable to shareholders was 1.71 billion RMB, reflecting a year-on-year increase of 12.6%, maintaining a stable net profit margin of 19% despite a high base effect [1] Group 2 - Sales volume increased across all models, with a total of 29,438 units sold in the first half of 2025, representing an 8.8% year-on-year growth, and an average selling price of 293,000 RMB, up by 2.8% [2] - The main models, Jupiter and Mars, generated revenues of 1.67 billion RMB and 5.85 billion RMB respectively, with year-on-year growth rates of 14.6% and 13.2% [2] - Domestic revenue remained flat at 5.2 billion RMB due to structural slowdown in domestic demand, while overseas sales surged by 34.7% to 3.82 billion RMB, increasing its revenue share to 42.3% [2] Group 3 - The company is accelerating overseas expansion to mitigate uncertainties, with new factories in Japan, Serbia, and India expected to commence operations in the second half of 2025, and a Malaysian factory projected to be fully operational by 2026 [2] - The company is expected to see significant revenue growth in overseas markets starting in 2026, benefiting from a balanced global layout that can effectively smooth out the impacts of supply chain restructuring [2] Group 4 - The target price for the company's stock is set at 30 HKD, with a buy rating, supported by its competitive position in the injection molding machine sector and advantages in overseas capacity, sales, and service support [2] - Revenue projections for 2025-2027 are estimated at 18 billion, 19 billion, and 20.4 billion RMB respectively, with net profits of 3.4 billion, 3.6 billion, and 4 billion RMB [2]