HPEC(SH:600312) Minsheng Securities·2025-08-26 07:56Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 5.696 billion yuan in H1 2025, representing a year-on-year increase of 12.96%, and a net profit attributable to shareholders of 666 million yuan, up 24.59% year-on-year [1] - The gross margin improved to 24.72% in H1 2025, an increase of 2.36 percentage points compared to 2024, while the net margin rose to 12.60%, up 3.58 percentage points year-on-year [1] - The international subsidiary significantly reduced its losses, with a loss of 15.03 million yuan in H1 2025, down from a loss of 163 million yuan in 2024 [1] - The company’s inventory and contract assets increased significantly, reaching 2.24 billion yuan and 480 million yuan respectively, with year-on-year growth of 21.43% and 46.20% [3] Revenue and Profit Forecast - The company is expected to achieve revenues of 13.823 billion yuan, 15.458 billion yuan, and 17.176 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 11.5%, 11.8%, and 11.1% [3][4] - The net profit attributable to shareholders is projected to be 1.359 billion yuan, 1.624 billion yuan, and 1.891 billion yuan for the same years, with growth rates of 32.8%, 19.5%, and 16.4% [3][4] Business Segment Performance - The high-voltage segment generated revenue of 2.291 billion yuan in H1 2025, a year-on-year increase of 4.3%, while the medium and low-voltage segment saw revenue of 1.352 billion yuan, up 15.33% [2] - The international business segment achieved a remarkable revenue growth of 125.58%, reaching 151 million yuan [2] - The operation and maintenance service segment reported revenue of 480 million yuan, reflecting a year-on-year growth of 22.12% [2] Market Position and Strategy - The company is actively enhancing its market marketing and transformation in the high-voltage core segment, with significant growth in bidding amounts for the power grid market [2] - The company has secured multiple contracts with major state-owned enterprises and has made inroads into international markets, including winning a contract for high-voltage mobile transformers in Saudi Arabia [2]