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海天国际(1882.HK):业绩稳健增长 海外市场表现亮眼

Core Viewpoint - Company achieved steady growth in H1 2025, driven by global supply chain restructuring and accelerated development in certain downstream industries [1][2] Financial Performance - Revenue for H1 2025 reached 9.02 billion RMB, a year-on-year increase of 12.5% [1] - Net profit attributable to shareholders was 1.71 billion RMB, up 12.6% year-on-year [1] - Earnings per share stood at 1.07 RMB [1] - Gross margin for H1 2025 was 32.8%, an increase of 0.5 percentage points year-on-year [1] - Net profit margin remained stable at 19.0% [1] - Operating cash inflow was 1.4 billion RMB, reflecting a growth of 16.3% [1] Downstream Market Recovery - Injection molding machine sales generated 8.64 billion RMB in revenue, a 12.1% increase year-on-year [1] - Components and services revenue reached 0.38 billion RMB, growing by 21.0% [1] - Demand from the automotive and home appliance sectors is expected to benefit from the new policy promoting equipment upgrades [1] Overseas Market Performance - Domestic revenue was 5.20 billion RMB, a slight increase of 0.3% [2] - Overseas revenue surged to 3.82 billion RMB, marking a 34.7% year-on-year growth [2] - The company’s "Five-Five" overseas strategy is enhancing global delivery capabilities [2] - New factories in Japan, Serbia, and Chennai, India, are set to commence operations in H2 2025 [2] Future Outlook - The company maintains profit forecasts for 2025-2027 at 3.50 billion, 3.90 billion, and 4.26 billion RMB, reflecting year-on-year growth of 13.5%, 11.6%, and 9.3% respectively [2] - Corresponding EPS forecasts are 2.19, 2.45, and 2.67 RMB [2] - The company expects continued performance improvement driven by equipment upgrades and overseas exports [2]