NTI(SZ:300532) Guohai Securities·2025-08-19 06:49Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][12]. Core Views - The company is positioned as a leader in the smart manufacturing and smart logistics sectors, with a strong focus on niche markets such as new energy, tobacco, and petrochemicals. The new order intake has shown impressive growth, and the backlog of orders is substantial, indicating strong momentum for future revenue growth [11]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 1.412 billion yuan, a year-on-year decrease of 14.36%. The net profit attributable to the parent company was 188 million yuan, down 22.53% year-on-year [7]. - The revenue breakdown for H1 2025 includes: integrated solutions (1.06 billion yuan, -8.5% YoY), robotics (220 million yuan, -34.4% YoY), industrial software (50 million yuan, -42.0% YoY), and after-sales services (90 million yuan, +19.7% YoY) [8]. Order Growth - The company achieved a new order intake of 2.14 billion yuan in H1 2025, representing a year-on-year increase of 101.2%. Notably, orders from the new energy, tobacco, and petrochemical sectors accounted for 1.87 billion yuan, up 159.7% YoY [8]. - As of H1 2025, the company had an unrecognized order backlog of 4.75 billion yuan, reflecting a 32.9% increase YoY, indicating strong future revenue potential [8]. Profitability Metrics - The gross margin for H1 2025 was 24.6%, down 4.3 percentage points year-on-year. The net profit margin was 13.3%, a decrease of 1.4 percentage points YoY [8]. - The company’s expense ratio for H1 2025 was 10.9%, slightly up by 0.2 percentage points YoY, with sales, management, and R&D expense ratios at 1.7%, 4.7%, and 4.5% respectively [8]. Dividend Policy - The company has distributed a total of 790 million yuan in dividends since its listing, with a payout ratio of 48.3% for H1 2025, corresponding to a dividend yield of approximately 1.7% [9]. Future Projections - Revenue forecasts for 2025-2027 are 2.481 billion yuan, 2.955 billion yuan, and 3.520 billion yuan respectively, with net profits projected at 271 million yuan, 348 million yuan, and 419 million yuan [10][11].