民生证券：维持中国西电“推荐”评级，核心业务结构持续优化

Core Viewpoint - Minmetals Securities report indicates that China Xidian's net profit attributable to shareholders for H1 2025 reached 598 million yuan, representing a year-on-year increase of 30.08% [1] - The company's Q2 2025 net profit attributable to shareholders was 303 million yuan, showing a year-on-year growth of 20.19% [1] - Continuous cost reduction and efficiency improvement are driving the company's gross and net profit margins [1] Financial Performance - As of the end of H1 2025, the company's inventory and contract assets were 4.998 billion yuan and 1.854 billion yuan, respectively, with year-on-year growth of 29.16% and 15.45% [1] - These figures provide strong support for the company's future performance growth [1] Market Position and Strategy - The company is a leader in domestic primary equipment and benefits from the global power grid infrastructure cycle [1] - It is actively expanding its market presence outside of China, which is contributing to its positive outlook [1] - The recommendation rating for the company is maintained as "recommended" [1]