CHIC(SH:601608) Xin Lang Cai Jing·2025-08-29 06:12Core Viewpoint - The company reported a recovery in performance for the first half of 2025, with revenue and net profit showing positive growth compared to the previous year [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.98 billion yuan, a year-on-year increase of 2.4%, and a net profit attributable to shareholders of 200 million yuan, up 6.4% year-on-year [1]. - For Q2 2025, the company recorded revenue of 1.79 billion yuan, reflecting a 4.4% year-on-year growth, and a net profit of 110 million yuan, which is a 10.9% increase year-on-year [1]. Profitability Analysis - The company's gross profit margin for H1 2025 was 19.4%, a decrease of 1.5 percentage points year-on-year, primarily due to declines in the gross margins of special materials and robotics and intelligent equipment [2]. - The net profit margin improved to 5.0%, an increase of 0.2 percentage points year-on-year, indicating stable performance [2]. Segment Performance - The mining and heavy equipment segment generated revenue of 2.24 billion yuan, a decline of 21.7% year-on-year, accounting for 56.2% of total revenue, but with an improved gross margin of 25.2%, up 4.0 percentage points [3]. - The new energy equipment business saw significant growth, achieving revenue of 810 million yuan, a remarkable increase of 765.4% year-on-year, representing 20.4% of total revenue, although its gross margin decreased to 5.1% [3]. - The special materials segment reported revenue of 730 million yuan, a 13.4% increase year-on-year, with a gross margin of 15.2%, down 2.3 percentage points [3]. - The robotics and intelligent equipment segment faced challenges, with revenue of 210 million yuan, a decline of 30.4% year-on-year, and a gross margin of 29.1%, down 2.2 percentage points [3]. Strategic Developments - The company is strengthening its coal mine intelligent equipment and expanding into non-coal mining and international markets for special robots, including new contracts for inspection robots [4]. - The company is accelerating the development of its "4+6+N" robotics industry system, enhancing its robotics and intelligent equipment business [4]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to 430 million yuan (a 37.0% decrease) and 540 million yuan (a 36.7% decrease), respectively, with a new forecast of 660 million yuan for 2027 [4]. - The current stock price corresponds to PE valuations of 56, 45, and 37 times for 2025, 2026, and 2027, respectively, highlighting the company's unique position in high-end heavy manufacturing [4].