SHANTUI(SZ:000680) Soochow Securities·2025-08-25 04:05Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company reported a total revenue of 7.0 billion yuan in H1 2025, representing a year-on-year increase of 3.0%, with a net profit attributable to shareholders of 570 million yuan, up 8.8% year-on-year [2] - The domestic business gross margin increased by 3.0 percentage points year-on-year, driven by cost reduction and efficiency improvement initiatives [3] - The company has significant growth potential in overseas markets despite a slowdown in revenue growth from the Northern Special Zone [2][3] - The acquisition of Shandong Heavy Industry's excavator business is expected to enhance the company's core competitiveness and create new growth points [3] Financial Summary - The company's total revenue forecast for 2025 is 15.9 billion yuan, with a year-on-year growth of 11.81% [3] - The net profit attributable to shareholders is projected to be 1.39 billion yuan in 2025, reflecting a year-on-year increase of 25.76% [3] - The latest diluted EPS is expected to be 0.92 yuan per share in 2025, with a corresponding P/E ratio of 10.68 [3]