Core Insights - The company's main business steadily increased in H1 2025, with the clean energy equipment segment's profit growing by 241.1% [1][3] Financial Performance - In H1 2025, the company's revenue reached approximately 4,658.1 million RMB, a year-on-year increase of 9.2% [3] - Gross profit for the same period was approximately 799.8 million RMB, up 10.4% year-on-year [3] - Shareholder profit attributable to the company was approximately 416.0 million RMB, reflecting a year-on-year increase of 53.8% [3] - The clean energy equipment segment generated revenue of approximately 3,738.2 million RMB, accounting for 80.3% of total revenue, with an 11.3% growth [3] - The operating profit for the clean energy equipment segment was approximately 152.8 million RMB, a significant increase of 241.1% year-on-year [3] Business Segments - The high-end intelligent manufacturing segment reported revenue of approximately 880.9 million RMB, a growth of 1.1%, but faced a loss of approximately 37.7 million RMB due to declines in PTG business and trade frictions [3][4] - The industrial services segment's revenue was approximately 31.9 million RMB, down 8.3%, with a loss of approximately 11.9 million RMB, a decrease of 52.0% [4] Strategic Developments - The company is focusing on enhancing its core competitiveness through major projects, including advancements in industrial pump technology and wind turbine blade production [4][5] - The AIDC is driving strong demand for high-power engines from Chongqing Cummins, with a sales increase of 8% in H1 2025 [5][6] Investment Opportunities - Chongqing Hitachi Energy, in which the company holds a 37.8% stake, generated investment income of approximately 47.2 million RMB, a year-on-year increase of 156.6% [2][6] - The company has been included in the MSCI Global Small Cap Index, which is expected to enhance liquidity and attract more institutional investment [7][8] Future Projections - Revenue forecasts for FY2025 to FY2027 have been adjusted upwards to 9,849.7 million RMB (+10.43%), 10,830.3 million RMB (+9.95%), and 11,912.6 million RMB (+9.99%) respectively [2][8] - Net profit forecasts for the same period are 892 million RMB (+106.8%), 991.5 million RMB (+11.16%), and 1,135.4 million RMB (+14.51%) [2][8] - The target price is set at 2.91 HKD per share, indicating a potential upside of 22.8% from the current price [2][8]
重庆机电(2722.HK)：业务全面受益于AI和雅下项目 入选MSCI料提升流动性