研报掘金丨华鑫证券：首予特变电工“买入”评级，输变电订单高增，中标沙特大单

Core Viewpoint - The report from Huaxin Securities highlights that TBEA's main businesses include power transmission and transformation, new energy, energy, and new materials, with a stable overall performance and a "buy" investment rating due to significant order growth and new project contributions [1] Group 1: Financial Performance - In H1 2025, TBEA's net profit attributable to shareholders reached 3.18 billion yuan, representing a year-on-year increase of 5.0% [1] - In Q2 2025, the single-quarter net profit attributable to shareholders was 1.58 billion yuan, showing a year-on-year increase of 52.5% but a quarter-on-quarter decrease of 1.0% [1] Group 2: Business Segments - The power transmission and transformation segment saw a significant increase in orders, including a major contract in Saudi Arabia worth approximately 16.4 billion yuan, with a seven-year execution period and a minimum execution volume of 70% [1] - The silicon material segment is facing profitability pressure, while coal and new materials segments remain stable [1] - The gold project, which began production in 2021, contributes to the company's performance with an annual output of approximately 2.5 to 3 tons of gold (gold metal content) [1]