Investment Rating - The investment rating for Zhongyu Technology is "Buy" (maintained) [1] Core Views - The company's performance in H1 2025 was slightly below expectations due to tariff impacts, but a recovery is anticipated in H2 2025, with the steel-lined polyurethane pipe gradually gaining traction [1][6] - The company reported a revenue of 359 million yuan in H1 2025, representing a year-on-year growth of 23.8%, and a net profit of 52.61 million yuan, up 41.8% year-on-year [6] - The main revenue source remains high-pressure pipes, with significant growth in new products like steel-lined polyurethane pipes [6] Financial Data and Profit Forecast - Total revenue projections for 2025E are 717 million yuan, with a year-on-year growth rate of 19.7% [5] - The net profit forecast for 2025E is 127 million yuan, reflecting a year-on-year increase of 21.1% [5] - The gross margin for H1 2025 was 52.4%, an increase of 6.1 percentage points year-on-year, primarily due to the higher revenue share from high-pressure pipes [6] Product and Regional Performance - In H1 2025, high-pressure pipes accounted for 69.3% of total revenue, with a year-on-year growth of 36.1% [6] - Revenue from overseas markets showed significant growth, with a 45.3% increase year-on-year, while domestic revenue declined by 22.1% [6] - The company is expanding its presence in the Middle East, with notable revenue contributions from the UAE and Saudi Arabia [6] Outlook - The company expects a gradual recovery in sales of high-pressure pipes to the U.S. as tariff impacts ease in H2 2025 [6] - The ongoing expansion in the Middle East is projected to continue driving revenue growth, supported by local manufacturing initiatives [6] - New projects are expected to come online in 2026, providing additional growth momentum for the company [6]
中裕科技（871694）：受关税影响业绩略低预期，25H2有望恢复，钢衬聚氨酯管逐步起势