研报掘金丨民生证券：维持中国西电“推荐”评级，核心业务结构持续优化

Core Viewpoint - The report from Minsheng Securities highlights that China Xidian's net profit attributable to shareholders for the first half of 2025 reached 598 million yuan, representing a year-on-year increase of 30.08% [1] - The company's continuous cost reduction and efficiency improvement have led to enhancements in gross and net profit margins [1] Financial Performance - In Q2 of 2025, the net profit attributable to shareholders was 303 million yuan, showing a year-on-year growth of 20.19% [1] - As of the end of the first half of 2025, the company's inventory and contract assets were 4.998 billion yuan and 1.854 billion yuan, respectively, reflecting year-on-year increases of 29.16% and 15.45% [1] Business Outlook - The company is positioned as a leader in domestic primary equipment and is benefiting from the global power grid infrastructure cycle while actively expanding into external markets [1] - The ongoing optimization of the company's core business structure is contributing to its positive performance outlook [1]