金螳螂（002081）：营收及业绩企稳改善，新签订单稳定增长

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2] Core Views - The company reported a revenue of 9.528 billion yuan for the first half of 2025, representing a year-on-year increase of 2.49%, while the net profit attributable to shareholders was 358 million yuan, up 3.95% year-on-year [9] - The company is experiencing stable growth in revenue and orders, with significant expansion in overseas markets, particularly in Southeast Asia [9] - The company is expected to achieve revenues of 19.511 billion yuan, 20.429 billion yuan, and 20.949 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 594 million yuan, 660 million yuan, and 737 million yuan for the same years [9] Financial Performance Summary - Revenue for 2023 is projected at 20.187 billion yuan, with a decline of 7.5% year-on-year, while the net profit is expected to be 1.024 billion yuan, down 19.6% [7] - The company’s earnings per share (EPS) for 2025 is estimated at 0.22 yuan, with a price-to-earnings (PE) ratio of 16.2 [7] - The return on equity (ROE) is projected to be 4.3% in 2025, with a price-to-book (PB) ratio of 0.7 [7] Revenue and Order Growth - The company’s decoration, curtain wall, and design businesses achieved revenues of 8.027 billion yuan, 689 million yuan, and 652 million yuan respectively in the first half of 2025, with year-on-year changes of +11.25%, -12.04%, and -8.76% [9] - New contracts signed in the first half of 2025 totaled 12.457 billion yuan, an increase of 2.2% year-on-year, with significant growth in the Guangdong and Sichuan regions [9] Overseas Market Expansion - The company has established a global network with Southeast Asia as its strategic focus, expanding into Central Asia, the Middle East, and Africa, with overseas revenue growth of nearly 29% year-on-year in the first half of 2025 [9] Profitability and Cash Flow - The company’s gross profit margin for the first half of 2025 was 13.71%, with a net profit margin of 3.76% [9] - Operating cash flow showed improvement, with a net outflow of 1.023 billion yuan, which is a reduction of 167 million yuan year-on-year [9]