NEWAY(SH:603699) Soochow Securities·2025-08-07 04:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 net profit attributable to shareholders increased by 28% year-on-year, exceeding expectations, indicating robust growth in profitability [2] - The company achieved a total revenue of 3.4 billion yuan in the first half of 2025, a year-on-year increase of 20%, with a net profit of 640 million yuan, up 30% year-on-year [2] - The company maintains a strong profit margin, with a net profit margin of 18.7% in the first half of 2025, an increase of 1.5 percentage points year-on-year [2] - The company is expected to benefit from geopolitical tensions and increased energy independence, leading to higher demand for valve procurement [3] - The company has a solid order backlog from major clients like Saudi Aramco and ADNOC, with ongoing expansion of new products and market share [3] - The 2025 stock incentive plan aims to motivate key employees and reflects the company's long-term confidence in its development [4] Financial Summary - Total revenue forecast for 2023 is 5.544 billion yuan, with a year-on-year growth of 36.59% [1] - Net profit attributable to shareholders is projected to be 721.8 million yuan in 2023, representing a year-on-year increase of 54.85% [1] - The earnings per share (EPS) for 2023 is estimated at 0.94 yuan, with a price-to-earnings (P/E) ratio of 35.39 [1] - The company expects to achieve a net profit of 1.15558 billion yuan in 2024, with a year-on-year growth of 60.10% [1] - The projected net profit for 2025 is 1.4499 billion yuan, with a growth rate of 25.47% [1]