Xiangyu(SH:600057) Soochow Securities·2025-08-27 07:32Investment Rating - The report maintains a "Buy" rating for Xiamen Xiangyu (600057) [1] Core Views - The company has established an operational turning point with a year-on-year increase of 32.5% in net profit attributable to shareholders in the first half of 2025, driven by a significant acceleration in growth in Q2 [1][7] - The company is expected to benefit from the trend of "anti-involution" in the industry, which emphasizes the importance of comprehensive service capabilities among major bulk supply chain enterprises [1][7] Financial Performance Summary - In H1 2025, the company achieved total revenue of 203.9 billion yuan, a slight increase of 0.2% year-on-year, and a net profit attributable to shareholders of 1.032 billion yuan, up 32.5% year-on-year [1][7] - Q2 2025 saw a revenue of 106.8 billion yuan, representing an 8% year-on-year increase, and a net profit of 523 million yuan, up 41% year-on-year, indicating a significant acceleration compared to Q1 [1][7] - The company’s gross margin and net profit margin for Q2 2025 were 1.70% and 0.58%, respectively, with a decrease in financial expense ratio due to a successful capital increase of 3.2 billion yuan [1][7] Segment Performance Summary - The bulk commodity logistics segment reported revenue of 5 billion yuan, a year-on-year increase of 17.4%, with a gross margin of 8.54% [1][7] - The manufacturing segment, including shipbuilding, generated revenue of 5.28 billion yuan, down 6.7% year-on-year, with a gross margin of 11% [1][7] - The energy and chemical segment saw revenue and gross margin increase by 21% and 52% year-on-year, respectively, driven by breakthroughs in international oil commodity business [1][7] Future Outlook - The company’s net profit forecasts for 2025-2027 have been revised upwards to 1.85 billion, 2.25 billion, and 2.59 billion yuan, respectively, reflecting a year-on-year growth of 31%, 21%, and 15% [1][7] - The report highlights the potential for increased concentration in the industry as leading companies benefit from the "anti-involution" trend, positioning Xiamen Xiangyu favorably for future growth [1][7]