研报掘金丨中邮证券：征和工业业绩稳健增长，静待高端市场放量，维持“买入”评级

Core Viewpoint - Zhongyou Securities report indicates that Zhenghe Industrial achieved a net profit attributable to shareholders of 0.89 billion yuan in the first half of the year, representing a year-on-year increase of 49.13% [1] - The company is focusing on deepening R&D investment and expanding its overseas market presence to enhance product exposure and brand strength [1] Financial Performance - The company reported a net profit excluding non-recurring items of 0.63 billion yuan, with a year-on-year growth of 14.18% [1] - Revenue by product: - Vehicle chain system: 5.26 billion yuan, up 7.25% - Agricultural machinery chain system: 1.58 billion yuan, up 12.51% - Industrial equipment chain system: 1.52 billion yuan, up 9.15% - Other products: 0.24 billion yuan, down 5.42% - Scrap materials: 0.46 billion yuan, down 7.77% [1] Strategic Initiatives - The company is enhancing its overseas market strategy by holding a controlling stake in Thailand's DDC chain wheel company, aiming for localized chain system development [1] - Zhenghe Industrial has successfully entered the supply chain of Honda in Thailand, gaining recognition from leading international automotive manufacturers [1] - The future strategy includes using Thailand as a hub to expand into Southeast Asia and globally, accelerating the construction of an international industrial chain and enhancing global competitiveness [1]