华安证券给予海天精工买入评级，2025H1点评：Q2营收创新高，产能及市场开拓持续推进

Group 1 - The core viewpoint of the report is that Huayuan Securities has given a "buy" rating for Haitan Precision (601882.SH) based on several positive indicators [1] - The industry revenue decline has narrowed year-on-year, benefiting from sustained growth in export demand from Southeast Asia [1] - In Q2, the company achieved record-high revenue, and the decline in profit has also narrowed [1] - The company is increasing investment in product research and development, while continuously enhancing market expansion and management both domestically and internationally [1] Group 2 - Potential risks include lower-than-expected growth in downstream demand, import restrictions on core components, and significant increases in raw material prices [1] - Other risks mentioned are accounts receivable and notes receivable risks, uncertainties in the external environment, exchange rate fluctuations, operational risks due to economic cycles, and competitive risks in the industry and market [1]