国元证券：给予运机集团买入评级

Core Viewpoint - The report highlights the strong performance of Yunji Group in the first half of 2025, driven by significant growth in revenue and net profit, alongside successful international expansion and digital transformation initiatives [2][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 880 million yuan, a year-on-year increase of 48.50%. The net profit attributable to shareholders was 73 million yuan, up 20.35%, while the net profit excluding non-recurring items was 62 million yuan, reflecting a 5.44% increase [2]. - For Q2 2025, the company reported revenue of 473 million yuan, a 44.07% year-on-year growth, with net profit attributable to shareholders at 35 million yuan, marking a 13.38% increase, while the net profit excluding non-recurring items decreased by 6.07% to 27 million yuan [2]. Business Segments - The company experienced growth in its core segments, with revenue from conveyor equipment, technical services, and permanent magnet motor drums reaching 670 million, 75 million, and 87 million yuan, respectively. The conveyor equipment segment grew by 22.74%, while technical services and spare parts surged by 89.70% [3]. - Domestic revenue reached 391 million yuan, a significant increase of 104.75%, while overseas revenue was 490 million yuan, growing by 21.81% [3]. Profitability and Cost Management - The gross margin and net profit margin for the first half of 2025 were 30.87% and 8.34%, respectively, with the net profit margin declining mainly due to increased credit impairment losses [3]. - The company maintained good control over its expense ratios, with sales, management, financial, and R&D expense ratios at 3.02%, 6.64%, 1.00%, and 3.14%, respectively [3]. Strategic Initiatives - The company secured significant projects, including a $406 million bauxite conveyor system project in Guinea, which is the longest belt conveyor system globally, enhancing its capabilities in large-scale international projects [4]. - In collaboration with Huawei, the company established the "Yunji Group-Huawei Joint Innovation Center," successfully developing an AI-powered industrial inspection robot for mining applications [4]. Investment Outlook - The company is positioned as a leading player in the design, manufacturing, and installation of bulk material handling machinery in China. With ongoing capacity expansion and sustained overseas order deliveries, revenue and profitability are expected to enter an upward trajectory [5]. - Forecasts for 2025-2027 project revenues of 2.073 billion, 2.708 billion, and 3.500 billion yuan, with net profits of 219 million, 358 million, and 464 million yuan, respectively, indicating a strong growth outlook [5].