Investment Rating - The report maintains a "Buy" rating for the company [6][5] Core Views - The company has shown significant achievements in overseas expansion and improved gross margin year-on-year [1][2] - The company is optimistic about the long-term development potential of the high-tech industry and is actively pursuing major project tenders in the second half of 2025 [4][1] - The company’s revenue for the first half of 2025 was 2.424 billion RMB, a year-on-year decrease of 3.14%, while the net profit attributable to the parent company was 83.5 million RMB, down 16.10% year-on-year [1][3] Revenue and Profitability - In the first half of 2025, the company achieved revenue of 2.424 billion RMB, with a gross margin increase of 0.7 percentage points year-on-year to 10.1% [2][3] - The revenue breakdown by sector shows semiconductor and related industries generated 1.49 billion RMB, with a year-on-year decrease of 23%, while the life sciences sector saw a 235% increase [2][3] - The company’s overall expense ratio increased to 3.88%, with sales expenses rising by 28.8% due to increased employee compensation and incentive stock payment [3][4] Order and Contract Status - The company had a backlog of orders amounting to 1.75 billion RMB at the end of the first half of 2025, a year-on-year decrease of 22.4% [4][1] - New contracts signed in the first half of 2025 totaled 1.28 billion RMB, down 32.2% year-on-year, indicating a focus on future growth opportunities [4][1] Financial Forecast and Valuation - The company’s projected net profits for 2025-2027 are 236.21 million RMB, 265.09 million RMB, and 282.02 million RMB respectively [5][10] - The target price has been adjusted to 17.92 RMB, based on a price-to-earnings ratio of 40x for 2025 [5][6]
柏诚股份（601133）：海外拓展成果显著，毛利率同比改善