研报掘金丨华源证券：国泰集团后续潜在业绩增量可期，维持“买入”评级

Core Viewpoint - Guotai Group reported a net profit attributable to shareholders of 121 million yuan in the first half of the year, a year-on-year decrease of 11.14% [1] - The decline in profit is attributed to the performance of "other businesses and government subsidies," while the "civil explosives and military industry" contributed to growth [1] Financial Performance - In Q2, the net profit attributable to shareholders was 78.21 million yuan, down 12.67% year-on-year [1] - Overall, excluding the impact of subsidies, the company's profits remained relatively stable [1] Future Outlook - The main focus for the future is on energetic materials, with significant progress reported on the new material production line project, which is expected to enhance performance [1] - As of June 30, 2025, the project’s earthwork and slope engineering progress reached 99%, with the main factory and storage areas nearly completed, and the testing line has produced qualified products [1] - Potential performance increments are anticipated from the ongoing projects [1]