GATD(SH:688239) Xin Lang Cai Jing·2025-09-02 08:42Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but has a strong order backlog and is expanding into emerging sectors [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 914 million, a year-on-year decrease of 8.71% [1] - The net profit attributable to shareholders was 90 million, down 12.76% year-on-year [1] - The net profit after deducting non-recurring items was 73 million, a decrease of 21.93% year-on-year [1] - Total liabilities reached 2.522 billion, an increase of 45.30% year-on-year [1] - Cash and cash equivalents amounted to 539 million, up 66.56% year-on-year [1] - Accounts receivable stood at 1.139 billion, a year-on-year increase of 4.78% [1] - Inventory was 1.037 billion, reflecting a year-on-year growth of 38.50% [1] Order Backlog and Market Position - The slight revenue decline was attributed to adjustments in the delivery schedule of orders from some downstream aviation customers [2] - Revenue from aviation forgings was 689 million, down 8.93% year-on-year, while aerospace forgings saw revenue of 72 million, up 29.84% [2] - Gas turbine forgings generated revenue of 59 million, a decrease of 37.23% year-on-year [2] - The company signed multiple long-term supply agreements, with total orders on hand amounting to 2.938 billion, an increase of 8.13% year-on-year [2] - Including estimated orders during the long-term agreements, the total order backlog is approximately 5.968 billion [2] Strategic Initiatives - The company is focusing on deepening its presence in the aerospace sector while accelerating its expansion into emerging fields [2] - Key areas of focus include gas turbines, nuclear power, and marine engineering equipment [2] - The company has successfully undertaken its first batch of precision processing and R&D orders for critical components in semiconductor front-end equipment, indicating early success in its expansion into new sectors [2] Investment Outlook - The company is projected to have EPS of 1.23, 1.50, and 1.82 for 2025-2027, with corresponding PE ratios of 30.9, 25.3, and 20.9 based on the closing price of 37.91 on August 29 [3] - The investment rating is maintained at "Buy-A" [3]