中国联塑(2128.HK)：销量增长 盈利稳定

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but there are signs of recovery in sales volume for its core pipe products [1][2]. Financial Performance - The company achieved revenue of 12.475 billion, a year-on-year decrease of 8.0%, and a net profit of 935 million, also down 8.0% [1]. - The gross margin improved by 0.7 percentage points to 28.2%, attributed to a higher proportion of higher-margin pipe business [2]. - The company's net profit margin remained stable at 7.5% [2]. Sales and Volume Analysis - Sales volume for pipes increased by 3.90% year-on-year, with PVC and non-PVC pipes growing by 0.4% and 13.8%, respectively [1]. - The revenue decline in the core plastic pipeline business was limited to 3.24%, while the building materials and home furnishings segment saw a significant drop of 20.56% [1]. - Domestic sales in South China and other regions fell by 2.9% and 6.6%, while overseas business grew by 29.5% [1]. Cost Management and Future Outlook - The company reduced capital expenditures significantly to 970 million, down from 1.559 billion year-on-year, focusing on core business and overseas construction [3]. - The company is expected to stabilize revenue as the real estate market bottoms out and municipal improvements take effect [3]. - The projected net profit for 2025 is approximately 1.95 billion, corresponding to a PE ratio of 7.1, indicating potential for valuation recovery [3].