理工能科（002322）：软件周期性波动致业绩下滑下半年有望重回增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a decline in performance due to cyclical fluctuations in the software industry, but is expected to return to growth in the second half of the year [4] - For the first half of 2025, the company achieved operating revenue of 407 million yuan, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 110 million yuan, a year-on-year decline of 22.9% [4] - The company announced a mid-term dividend plan with a total dividend amount of approximately 99 million yuan, representing a payout ratio of about 90% [4] Financial Performance Summary - In Q2 2025, the company achieved operating revenue of 249 million yuan, a year-on-year increase of 4.4%, and a net profit attributable to shareholders of 77 million yuan, a year-on-year decline of 23.8% [4] - The software segment's revenue and profit declined, primarily due to a high base effect from the previous year, while the power instrument segment continued to grow rapidly with a revenue increase of 61.2% [6] - The environmental operation business showed signs of recovery, with revenue of 120 million yuan, a year-on-year increase of 5.9%, while environmental instruments saw a significant decline in revenue [6] Earnings Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 327 million yuan, 396 million yuan, and 469 million yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 18%, 21%, and 19% [6] - The current stock price corresponds to valuation multiples of 16, 13, and 11 times for the years 2025, 2026, and 2027, respectively [6]