Core Viewpoint - The company's performance in the first half of 2025 met market expectations, with a significant decline in revenue and net profit due to a drop in new orders and project delays [1][2]. Financial Performance - Revenue for the first half of 2025 was 2.687 billion yuan, a year-on-year decrease of 22.7% - Net profit attributable to shareholders was 340 million yuan, down 10.1% year-on-year - Gross margin was 29.4%, a slight decrease of 0.2 percentage points, while net margin improved to 12.6%, an increase of 1.8 percentage points [1]. Order Trends - New signed orders reached 5.996 billion yuan, a year-on-year increase of 89.5% - Pharmaceutical sector orders surged to 4.372 billion yuan, up 642% year-on-year - The backlog of orders reached a historical high of 10.566 billion yuan, a 20.4% increase year-on-year - Overseas orders accounted for 92.8% of new signed orders, with modular solutions making up 88.4% [2]. Strategic Development - The company is expanding its presence in high-tech industries such as AI, semiconductors, and pharmaceuticals - There is a growing global demand for capacity in the pharmaceutical sector, and a new growth cycle is anticipated in the AI sector with modular data centers - The advanced process evolution and increasing demand for new energy are driving the localization of high-end products in the wet electronic chemicals sector [2]. Profit Forecast and Valuation - The net profit forecast for 2025 has been reduced by 27.7% to 740 million yuan, with a new forecast for 2026 at 937 million yuan - The valuation has been switched to 2026, with the current stock price corresponding to a price-to-earnings ratio of 11.8 times for 2026 - The target price has been raised by 50% to 12.00 HKD, reflecting a potential upside of 22.0% from the current stock price [2].
森松国际(02155.HK)：半年报业绩符合预期 新签订单超预期