Core Insights - The marine segment of the company has seen a significant increase in orders, with a revenue of 617 million yuan in H1 2025, representing a 35% year-on-year growth and accounting for 23.7% of total revenue. New effective orders in this segment increased by 63% year-on-year [1] - The fracturing business has experienced a notable increase in gross profit, with revenue reaching 433 million yuan in H1 2025, a 41.1% year-on-year increase, driven by the rapid development of unconventional oil and gas resources [2] - The company has actively adjusted its business structure to focus on core segments, resulting in a decrease in overall revenue but an improvement in profitability metrics, including a reduction in financing costs and sales expenses [2] Marine Segment - The marine segment includes offshore wind power, marine oil and gas equipment, and marine engineering equipment, with a production base located in Jiangsu Province [1] - The revenue from marine oil and gas equipment and marine engineering equipment manufacturing reached 263 million yuan in H1 2025, a substantial increase of 1171.4% year-on-year [1] Fracturing Business - The fracturing segment's gross profit increased by 96.2% in H1 2025, with sales of fracturing equipment and services generating 328 million yuan, a significant rise of 64.7% year-on-year [2] - The company has expanded its customer base by signing a framework contract for coalbed methane fracturing services, further solidifying its market position in the Shanxi coalbed methane sector [2] Strategic Adjustments - The company has streamlined low-margin businesses, focusing on enhancing overall profitability, which has led to a reduction in financing costs by 0.89 percentage points to 2.5% and a 27.5% decrease in interest expenses [2] - The company forecasts net profits of 125 million yuan, 267 million yuan, and 393 million yuan for the years 2025 to 2027, respectively, and has set a target price of 0.29 HKD based on a 9x PE ratio for 2026 [2]
宏华集团(0196.HK)：全球陆地钻机龙头 海洋板块和压裂业务发力