XJEC(SZ:000400) Zheng Quan Zhi Xing·2025-08-28 12:13Core Viewpoint - Xuji Electric (000400) reported a decline in revenue for its smart distribution and transmission system segment, primarily due to the timing of revenue recognition from order deliveries [2][3]. Financial Performance - For the first half of 2025, Xuji Electric's main revenue was 6.447 billion yuan, a decrease of 5.68% year-on-year; net profit attributable to shareholders was 634 million yuan, an increase of 0.96% year-on-year; and net profit excluding non-recurring items was 618 million yuan, up 1.13% year-on-year [3]. - In Q2 2025, the company achieved a single-quarter main revenue of 4.099 billion yuan, an increase of 1.81% year-on-year; net profit attributable to shareholders was 426 million yuan, up 9.12% year-on-year; and net profit excluding non-recurring items was 415 million yuan, an increase of 7.64% year-on-year [3]. Business Segments - The smart distribution system segment's revenue decreased by 700 million yuan year-on-year, attributed to the timing of revenue recognition rather than a reduction in total order volume [2]. - The direct current transmission system segment had a gross margin of 40.76%, influenced by the product business structure affecting revenue recognition [2]. - The low-margin new energy business accounted for 10.79% of the company's half-year revenue, down 3.83 percentage points year-on-year, with a reported revenue of 696 million yuan, a decline of 30.38% year-on-year [2]. Marketing and Sales Strategy - The company has strengthened its marketing system design since Q2 2024, increasing frontline marketing personnel while reducing middle and back-office staff to enhance market development capabilities [2]. Institutional Ratings and Predictions - Over the past 90 days, 10 institutions have rated the stock, with 8 buy ratings and 2 hold ratings; the average target price from institutions is 27.71 yuan [3].