华明装备（002270）：上半年海外收入大幅增长，结构优化带动盈利能力提升

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company has shown steady growth in the first half of 2025, with revenue reaching 1.121 billion yuan, a year-on-year increase of 0.04%, and a net profit attributable to shareholders of 368 million yuan, up 17.17% year-on-year. The gross margin improved to 55.49%, an increase of 7.73 percentage points [1][2]. - The company's overseas revenue has significantly increased, with a 45% year-on-year growth in power equipment exports and a 41.49% increase in CNC equipment revenue. The overseas business now accounts for 18.53% of total revenue, up 5.54 percentage points year-on-year [2][19]. - The company is expanding its overseas operations, with the opening of a new factory in Indonesia and the establishment of a regional headquarters in Singapore, enhancing its service capabilities in Southeast Asia [2][19]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 1.121 billion yuan, with a net profit of 368 million yuan, reflecting a 17.17% increase year-on-year. The gross margin was 55.49%, and the net margin was 33.34% [1]. - For Q2 2025, the company reported a revenue of 612 million yuan, a decrease of 8.64% year-on-year but an increase of 20.06% quarter-on-quarter. The net profit for the quarter was 197 million yuan, up 5.10% year-on-year and 15.06% quarter-on-quarter [1][17]. Revenue Breakdown - Power equipment revenue for the first half of 2025 was 959 million yuan, a year-on-year increase of 15.29%, with an export revenue of 311 million yuan, up 45.21% [2][19]. - CNC equipment revenue reached 111 million yuan, a 41.49% increase year-on-year, with export revenue soaring by 219.28% [2][19]. Future Projections - The company is projected to achieve net profits of 719 million yuan, 818 million yuan, and 973 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 23, 20, and 17 [3][24].