NHPM(SH:601882) Xin Lang Cai Jing·2025-09-02 10:30Core Viewpoint - The company experienced stable revenue but faced short-term profit pressure due to weak demand in the manufacturing sector and intensified price competition in the machine tool industry [1]. Revenue and Profit Summary - In H1 2025, the company achieved revenue of 1.663 billion yuan, a year-on-year decrease of 0.92% - The net profit attributable to shareholders was 237 million yuan, down 19.27% year-on-year - The net profit excluding non-recurring items was 212 million yuan, a decline of 17.57% year-on-year [1]. Product Performance Summary - Machine tool sales generated revenue of 1.635 billion yuan, a decrease of 0.47% year-on-year - Parts and other sales generated revenue of 24 million yuan, down 22.52% year-on-year - In Q2 alone, the company achieved revenue of 923 million yuan, a slight increase of 0.10% year-on-year; net profit attributable to shareholders was 138 million yuan, down 15.34% year-on-year [2]. Margin and Cost Analysis - The company's gross margin in H1 2025 was 26.14%, a decrease of 2.23 percentage points year-on-year; Q2 gross margin was 26.30%, down 1.98 percentage points year-on-year - The decline in gross margin is attributed to changes in accounting standards and intensified price competition in the machine tool industry - The net profit margin for H1 2025 was 14.3%, down 3.2 percentage points year-on-year; Q2 net profit margin was 14.99%, down 2.69 percentage points year-on-year - The company's expense ratio was stable at 10.1%, with sales, management, R&D, and financial expense ratios at 4.4%, 1.6%, 4.7%, and -0.6% respectively [3]. Capacity and Market Expansion - The company is steadily increasing production capacity in South China and advancing the construction of a high-end CNC machine tool intelligent production base in Ningbo - The first factory of the high-end CNC machine tool intelligent production base was put into use in Q4 2024 - The company is enhancing its domestic and international market development capabilities, focusing on key customer needs and optimizing personnel layout - The establishment of subsidiaries in Germany and Serbia has been completed, aiming to accelerate global marketing and enhance brand influence [4]. Profit Forecast and Investment Rating - The company maintains its profit forecast for 2025-2027 at 641 million yuan, 760 million yuan, and 896 million yuan respectively - The current stock price corresponds to dynamic P/E ratios of 17, 14, and 12 times for the respective years - The company is in a ramp-up phase for production capacity and is steadily advancing its international layout, maintaining an "accumulate" rating [4].