海天国际（01882）：注塑机出口景气，海外布局稳步推进

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 9.018 billion yuan for H1 2025, representing a year-on-year increase of 12.5%, and a net profit attributable to shareholders of 1.712 billion yuan, also up by 12.6% [2][6]. - The company's overseas market revenue grew by 34.65% year-on-year, with overseas revenue accounting for 42.3% of total revenue, up from 37.3% in 2024, indicating continuous global market share expansion [2][9]. - The company is accelerating its globalization strategy, implementing a "50-50 strategy" with new production capacities established in India and Mexico, and additional capacities planned in Japan and Serbia expected to commence production in 2025 [2][9]. Summary by Sections Company Performance - In H1 2025, the company achieved a revenue of 9.018 billion yuan, a 12.5% increase year-on-year, and a net profit of 1.712 billion yuan, reflecting a 12.6% growth [2][6]. - The gross margin for H1 2025 was 32.8%, up by 0.5 percentage points year-on-year, while the net profit margin remained stable at 18.26% [9]. Market Dynamics - The injection molding machine industry is experiencing a surge in demand due to the expansion of downstream manufacturers overseas and the release of potential in emerging markets [9]. - The export value of domestic injection molding machines increased by 29% year-on-year in H1 2025, with Southeast Asia showing a remarkable growth rate of 94% [9]. Competitive Position - The company is a leading player in the domestic injection molding machine industry, with significant competitive advantages reflected in its financial metrics [9]. - The company’s electric injection molding machines, particularly the Changfei series, are gaining traction globally, with over 30,000 units in use across approximately 60 countries [9].