Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance remains stable, with efficiency improvements in its "Butterfly City" projects. The company is positioned as a leading space technology service provider, leveraging technology to enhance value and manage costs effectively [6] - The company reported a 3.3% year-on-year increase in revenue for the first half of 2025, reaching 18.1 billion yuan, with a core net profit growth of 10.8% [4][6] - The report anticipates that the company's performance will enter a growth phase, despite challenges in the real estate sector [6] Financial Data Summary - For the first half of 2025, the company achieved a net profit of 790 million yuan, a 2.6% increase year-on-year, with a core net profit of 1.32 billion yuan [4] - Revenue projections for the upcoming years are as follows: - 2023: 33.18 billion yuan - 2024: 36.22 billion yuan - 2025E: 38.59 billion yuan - 2026E: 41.36 billion yuan - 2027E: 44.50 billion yuan - The expected net profit for 2025 is 1.53 billion yuan, reflecting a 33% year-on-year growth [5][7]
万物云（02602）：业绩平稳，蝶城提效