Jiangsu Guoxin (SZ:002608) Huafu Securities·2025-08-26 08:49Investment Rating - The report maintains a "Buy" rating for Jiangsu Guoxin, expecting a relative price increase of over 20% compared to the market benchmark index within the next six months [5][15]. Core Insights - In 1H2025, Jiangsu Guoxin achieved a revenue of 15.688 billion yuan, a year-on-year decrease of 11.75%, while the net profit attributable to shareholders increased by 3.96% to 2.03 billion yuan [2][3]. - The company's core profit showed improvement, with the net profit excluding non-recurring items growing by 9.13% in 1H2025, and a significant 16.03% increase in 2Q2025 [3]. - The energy segment's revenue decreased by 12% in 1H2025, but the segment's profit increased by 16% due to lower coal prices [4]. - Jiangsu Trust, a subsidiary, reported a revenue of 1.837 billion yuan in 1H2025, with stable investment income from its stakes in Jiangsu Bank and Lian'an Life [4]. Financial Performance Summary - The company forecasts net profits of 3.326 billion yuan, 3.394 billion yuan, and 3.483 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 8.8, 8.6, and 8.4 [5][6]. - The financial data indicates a projected revenue growth rate of 6% for 2025, with a net profit growth rate of 3% [6][10]. - The report highlights a stable financial position with a debt-to-asset ratio of 52.5% and a current share price of 7.77 yuan [6].