大华股份（002236）：国内2B/2G开始恢复增长，海外业务稳健

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][7]. Core Views - The company has shown a recovery in domestic 2B/2G business and stable overseas operations, with a significant portion of revenue coming from international markets [7][8]. - The company reported a revenue of 15.18 billion yuan in the first half of 2025, reflecting a year-on-year growth of 2.12%, which aligns with market expectations [7][8]. - The company is focusing on high-quality development strategies, leading to improved cash flow and stable gross margins [7][8]. Financial Data and Profit Forecast - Total revenue forecast for 2025 is 34.01 billion yuan, with a projected growth rate of 5.7% [3]. - Net profit attributable to the parent company is expected to reach 3.38 billion yuan in 2025, representing a year-on-year growth of 16.2% [3]. - Earnings per share (EPS) is projected to be 1.03 yuan in 2025, with a price-to-earnings (PE) ratio of 16 [3]. Revenue Breakdown - The total revenue for the first half of 2025 was 151.81 billion yuan, with a gross margin of 41.61% [8]. - Domestic revenue was 75.53 billion yuan, growing by 2.33%, while overseas revenue was 76.28 billion yuan, with a growth of 1.91% [8]. - The innovative business segment grew by 22.83%, significantly outpacing overall revenue growth [7][8]. Cash Flow and Profitability - Cash inflow from sales was 17.4 billion yuan, an increase of 8.8% year-on-year, indicating improved cash flow management [7][8]. - The gross margin for overseas operations was 47.58%, while domestic operations had a gross margin of 35.58% [8]. - The company is actively reducing low-margin projects, which has positively impacted its financial performance [7][8].