SDRB(SZ:000498) Xin Lang Cai Jing·2025-08-31 10:34Core Viewpoint - The company reported a stable performance in H1 2025, with revenue and net profit showing slight year-on-year growth, while new orders significantly increased, indicating a positive outlook for future operations [1][4]. Financial Performance - H1 2025 revenue reached 28.575 billion yuan, a year-on-year increase of 0.26%, with net profit attributable to shareholders at 1.029 billion yuan, up 0.89% year-on-year [1]. - Q2 2025 revenue was 18.811 billion yuan, down 0.59% year-on-year but up 92.65% quarter-on-quarter, with net profit of 779 million yuan, reflecting a year-on-year increase of 0.57% and a quarter-on-quarter increase of 212.51% [1]. - The comprehensive gross margin for H1 2025 was 11.5%, a decrease of 0.67 percentage points year-on-year, with Q2 gross margin at 11.48% [2]. Order and Business Development - New orders signed in H1 2025 totaled 49.255 billion yuan, a year-on-year increase of 59.8%, continuing the high growth trend from Q1 [4]. - The company is focusing on expanding its "going urban and going overseas" strategy, with domestic urban projects accounting for approximately 48.54% of new orders and overseas projects seeing a significant increase in bids [4]. Cash Flow and Cost Management - The net operating cash flow for H1 2025 was -1.723 billion yuan, a reduction in outflow by 874 million yuan year-on-year, with cash collection and payment ratios at 78.1% and 76.6%, respectively [3]. - The expense ratio for H1 2025 was 5.25%, a decrease of 0.67 percentage points year-on-year, with financial expenses down 22.22% due to reduced interest payments [2]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 2.357 billion, 2.398 billion, and 2.456 billion yuan, respectively, with a target price of 9.06 yuan based on a PE ratio of 6.0 [5].