SAFETY(SH:603028) Huaan Securities·2025-08-22 09:13Investment Rating - Investment Rating: "Accumulate" (Maintain) [2] Core Views - The company reported significant improvement in performance, with H1 2025 revenue reaching 1.061 billion yuan, a year-on-year increase of 62.41%, and a net profit attributable to shareholders of 3 million yuan, up 124.67% year-on-year [5] - The growth in revenue is primarily driven by the photovoltaic business achieving full production and sales, alongside active market expansion efforts [5] - The company’s wire rope business has optimized its marketing strategy, leading to stable growth, while the photovoltaic segment has seen substantial growth due to favorable policies and strong product competitiveness [6] - The company has made notable advancements in the industrial robotics sector, collaborating with various partners to develop high-performance components and expand into new applications [8] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 1.061 billion yuan, with Q2 revenue of 711 million yuan, reflecting a year-on-year growth of 90.61% [5] - The wire rope and photovoltaic businesses generated revenues of 299 million yuan and 755 million yuan respectively, with the latter showing a growth of 104.98% [6] - The gross profit margin improved to 4.61% in H1 2025, up 1.76 percentage points year-on-year [7] Business Segments - The wire rope division is focusing on emerging fields such as marine engineering and industrial robotics, which are expected to foster new growth points [9] - The photovoltaic division is exploring BC technology routes and actively engaging in downstream industry chain development [9] Future Projections - Revenue forecasts for 2025-2027 are 1.938 billion yuan, 2.255 billion yuan, and 2.546 billion yuan, representing year-on-year growth rates of 55.4%, 16.4%, and 12.9% respectively [9] - Net profit projections for the same period are 15 million yuan, 24 million yuan, and 32 million yuan, with growth rates of 107.7%, 61.0%, and 35.0% respectively [9]