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九兴控股(01836):25H1收入稳健,新员工效率不及预期盈利能力承压
CMS·2025-07-18 06:32

Investment Rating - The report maintains a strong buy rating for the company [1][4] Core Views - The company's manufacturing business revenue increased by 2.5% in Q2 2025, with a shipment volume increase of 4%, but the average selling price decreased by 2% [1] - Employee efficiency improvements are slower than expected, leading to capacity ramp-up challenges, which are expected to impact short-term profitability [1] - The company is expected to bear some tariff costs in the second half of 2025, particularly in Q4, but these impacts are anticipated to lessen in the following year [1] - The company has a strong order book for Q4 2025 and is actively expanding its customer base, with plans to onboard new clients in 2026 [1] Financial Data and Valuation - Total revenue for 2025 is projected at $1.614 billion, with a year-on-year growth rate of 4% [3] - Net profit for 2025 is expected to be $169 million, reflecting a slight decline of 1% year-on-year [3] - The company’s PE ratios are projected at 9X for 2025 and 8X for 2026, indicating a favorable valuation [1][3] - The company’s total assets are expected to reach $1.420 billion by 2025, with a total liability of $317 million [8] Performance Metrics - The company’s gross margin is projected to be 24.2% in 2025, with a net margin of 10.5% [9] - Return on equity (ROE) is expected to remain stable at 15.5% for 2025 [9] - The company’s debt-to-asset ratio is projected to be 22.3% in 2025, indicating a manageable level of debt [9]