NANCAL(SH:603859) Shenwan Hongyuan Securities·2025-08-26 08:16Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported better-than-expected performance, with significant growth in AI-related business [6] - The AI revenue reached 210 million yuan in the first half of 2025, a year-on-year increase of 145.6%, accounting for 29% of total revenue [6] - The overall gross margin improved to 52.4%, up 4.2 percentage points year-on-year, indicating enhanced operational quality [6] - The company has established a comprehensive product system in AI, covering various industrial applications and scenarios [6] - Collaboration with Huawei in smart manufacturing is expected to drive further growth in AI applications within the industrial sector [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 1,777 million yuan, with a year-on-year growth rate of 17.7% [5] - The net profit attributable to the parent company is expected to reach 256 million yuan in 2025, reflecting a year-on-year increase of 33.4% [5] - Earnings per share are forecasted to be 1.05 yuan in 2025, with a projected price-to-earnings ratio of 42 [5] - The company anticipates revenues of 2,142 million yuan and 2,616 million yuan for 2026 and 2027, respectively [5]