LIUGONG(SZ:000528) Xin Lang Cai Jing·2025-08-27 08:38Core Viewpoint - The company reported a strong performance in the first half of 2025, with a 25% year-on-year increase in net profit attributable to shareholders, aligning with market expectations [1] Financial Performance - In H1 2025, total revenue reached 18.18 billion yuan, up 13.2% year-on-year, with net profit at 1.23 billion yuan, reflecting a 25% increase [1] - Q2 2025 saw total revenue of 9.03 billion yuan, a year-on-year increase of 11.2%, and net profit of 570 million yuan, up 17.9% [1] - Domestic revenue for H1 2025 was 9.66 billion yuan, increasing by 15.7%, while overseas revenue was 8.52 billion yuan, up 10.5% [1] Product Performance - Loader sales in H1 2025 showed a 20% year-on-year increase in both domestic and international markets, with electric loader global sales soaring by 193% [1] - Excavator sales revenue increased by 25% in H1 2025, with domestic terminal sales up 31% and international terminal sales up 22% [1] Profitability Metrics - The overall gross margin for H1 2025 was 22.3%, a slight increase of 0.2 percentage points year-on-year, while the net profit margin remained stable at 6.3% [2] - The gross margin for overseas sales was 29.7%, up 1.5 percentage points year-on-year, attributed to improved product mix and successful expansion in smaller product lines [2] Strategic Planning - The company aims to achieve a revenue target of 60 billion yuan by 2030, with international revenue accounting for over 60% and a net profit margin of no less than 8% [3] - The strategic growth engines include core earthmoving machinery, mining machinery, industrial vehicles, and emerging businesses like agricultural machinery and financial services [3] - A new manufacturing facility in Indonesia is planned with an investment of 500 million yuan to enhance local manufacturing capabilities and global supply chain [3] Earnings Forecast - The company's net profit forecasts for 2025-2027 have been revised down to 1.85 billion, 2.76 billion, and 3.55 billion yuan respectively, reflecting market conditions [4]