Ge Long Hui A P P·2025-10-11 02:25Core Viewpoint - The report from Tianfeng Securities highlights that Xidamen's net profit attributable to shareholders for the first half of 2025 is 56 million, representing a 1% year-on-year increase, with Q2 net profit at 30 million, up 3% year-on-year [1] Financial Performance - The company has shown rapid growth in performance, with a continuous improvement in profitability [1] - The current order backlog is 2-3 months, and production capacity can be dynamically adjusted based on order conditions, effectively meeting customer demands [1] Future Outlook - As the company's fundraising projects gradually release production capacity, it will effectively shorten order cycles and respond more quickly to customer needs [1] - The completion of fundraising projects, including the "annual production of 16.5 million square meters of architectural shading new materials" and "annual production of 2 million square meters of architectural shading finished products," will provide capacity support for future sales expansion [1] Market Expansion Strategies - The company is actively expanding its cross-border e-commerce business, leveraging platforms like Amazon and independent sites to reach global customers [1] - For the domestic market, the company is increasing the coverage of offline direct sales offices and equipping professional sales and installation teams for on-site services, ensuring a comprehensive customer experience [1] - The company is intensifying its sales efforts in the global shading fabric market and expanding its overseas finished product business, considering increased investments in e-commerce platforms and advertising [1] Investment Rating - Based on the performance in the first half of 2025, the profit forecast has been adjusted, and a "buy" rating is maintained [1]