Keda Group(SH:600499) SINOLINK SECURITIES·2025-08-26 02:50Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 8.188 billion RMB for H1 2025, representing a year-on-year growth of 49.04%, with a net profit attributable to shareholders of 745 million RMB, up 63.95% year-on-year [2] - The overseas building materials segment benefited from optimized layout and pricing strategies, achieving a revenue of 3.771 billion RMB in H1 2025, a significant increase of 90.08% [3] - The lithium carbonate segment saw a sales volume of approximately 20,600 tons in H1 2025, with a contribution to net profit of 168 million RMB, reflecting a positive trend due to cost optimization [4] Summary by Sections Performance Review - In H1 2025, the company achieved a revenue of 8.188 billion RMB, with a net profit of 745 million RMB and a non-recurring net profit of 700 million RMB, marking increases of 49.04%, 63.95%, and 75.06% respectively [2] Operational Analysis - Revenue structure for H1 2025: Overseas building materials (46%), building materials machinery (31%), lithium battery materials (11%), and new energy equipment (9%), with overseas revenue accounting for over 65% [3] - The overseas building materials segment's revenue reached 3.771 billion RMB, with a gross margin of 36.80%, an increase of 5.85 percentage points year-on-year [3] - The ceramics machinery segment experienced a revenue decline of 5.01% to 2.570 billion RMB due to industry demand slowdown [4] - The lithium carbonate segment's average price was 60,300 RMB/ton, down 2,270 RMB/ton year-on-year, but still contributed positively to profits due to cost reductions [4] Profit Forecast and Valuation - The company is expected to achieve net profits of 1.544 billion RMB, 1.807 billion RMB, and 1.962 billion RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 14.7, 12.6, and 11.6 [5]