DRTG(SH:600329) Great Wall Securities·2025-08-18 06:15Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [4][16]. Core Insights - The company reported a significant increase in net profit for the first half of 2025, achieving a net profit of 1.928 billion yuan, a year-on-year increase of 193.08%, despite a revenue decline of 33.15% [2][3]. - The revenue drop is attributed to the divestment of its wholly-owned subsidiary, which removed its revenue from the consolidated financial statements [2]. - The company's gross margin improved to 74.67%, up 24.74 percentage points year-on-year, due to structural optimization following the divestment [3]. Financial Performance Summary - For 2025H1, the company achieved a revenue of 2.651 billion yuan, with a net profit of 1.928 billion yuan and a non-recurring net profit of 596 million yuan [2]. - The industrial segment showed resilience with a revenue of 2.645 billion yuan, reflecting a year-on-year growth of 0.87% [2]. - The company’s sales expenses, management expenses, and R&D expenses for 2025H1 were 1.021 billion yuan, 186 million yuan, and 62 million yuan, respectively, showing a decrease in sales and management expenses [3]. Future Projections - The company is projected to achieve revenues of 4.89 billion yuan, 5.39 billion yuan, and 5.863 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of -33%, 10%, and 9% [8]. - Expected net profits for the same period are 2.162 billion yuan, 985 million yuan, and 1.029 billion yuan, with year-on-year growth rates of -3%, -54%, and 4% [8].