LIUGONG(SZ:000528) Soochow Securities·2025-08-27 07:37Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company's net profit attributable to shareholders increased by 25% year-on-year in the first half of 2025, aligning with market expectations [2] - The company aims to achieve a revenue target of 60 billion yuan by 2030, with international revenue accounting for over 60% [4] Financial Performance Summary - In H1 2025, total revenue reached 18.18 billion yuan, a year-on-year increase of 13.2%, while net profit attributable to shareholders was 1.23 billion yuan, up 25% [2] - For Q2 2025, total revenue was 9.03 billion yuan, a year-on-year increase of 11.2%, and net profit was 570 million yuan, up 17.9% [2] - Domestic revenue for H1 2025 was 9.66 billion yuan, up 15.7%, while overseas revenue was 8.52 billion yuan, up 10.5% [2] - The sales gross margin for H1 2025 was 22.3%, a year-on-year increase of 0.2 percentage points [3] - The company plans to invest 500 million yuan in building a manufacturing plant in Indonesia to enhance local manufacturing capabilities [4] Earnings Forecast and Valuation - The revised net profit forecasts for 2025-2027 are 1.85 billion yuan, 2.76 billion yuan, and 3.55 billion yuan, respectively [5] - The current market capitalization corresponds to P/E ratios of 12, 8, and 6 times for 2025, 2026, and 2027, respectively [5]