COOEC(SH:600583) Xinda Securities·2025-08-18 09:11Investment Rating - The report maintains a "Buy" rating for the company, indicating expected performance above the benchmark by more than 15% [5]. Core Insights - The company reported a significant increase in gross margin, reaching 16.33% in Q2 2025, marking a year-on-year increase of 4.84 percentage points, attributed to cost reduction and the execution of high-quality overseas contracts [5]. - Despite a decline in revenue and net profit for the first half of 2025, the company has a robust order backlog of approximately 40.7 billion yuan, ensuring future revenue streams [5]. - The forecast for net profit from 2025 to 2027 shows expected growth rates of 10.3%, 5.9%, and 3.0%, respectively, with diluted EPS projected at 0.54, 0.57, and 0.59 yuan per share [5]. Financial Performance Summary - For the first half of 2025, the company achieved a total revenue of 11.318 billion yuan, a year-on-year decrease of 15.72%, while the net profit attributable to shareholders was 1.098 billion yuan, down 8.21% year-on-year [1]. - In Q2 2025, the company reported a revenue of 6.222 billion yuan, a decrease of 19.80% year-on-year but an increase of 22% quarter-on-quarter [2]. - The company’s gross margin for Q2 2025 was 16.33%, reflecting a quarter-on-quarter increase of 0.18 percentage points [5]. Future Projections - The company is projected to achieve total revenues of 31.411 billion yuan in 2025, with a growth rate of 4.9% year-on-year, followed by 32.395 billion yuan in 2026 and 32.581 billion yuan in 2027 [4]. - The net profit attributable to shareholders is expected to grow from 2.385 billion yuan in 2025 to 2.601 billion yuan in 2027, with corresponding growth rates of 10.3%, 5.9%, and 3.0% [4].