甘咨询（000779）：收入、业绩稳步增长，省外拓展初显成效

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6] Core Views - The company has shown steady growth in revenue and performance, with a focus on expanding its presence in the central and western regions of China, benefiting from the improving infrastructure landscape [1][2] - For the first half of 2025, the company achieved a revenue of 924 million, a year-on-year increase of 2.64%, and a net profit attributable to the parent company of 133 million, up 5.29% year-on-year [1] - The company is expected to enhance its profitability further as its fundraising projects are implemented, leveraging its leading position to increase market share [1] Financial Performance Summary - In the first half of 2025, the company reported revenues from various segments: surveying and design (460 million, -2.07% YoY), engineering supervision (150 million, -1.21% YoY), technical services (114 million, +9.97% YoY), and other businesses (132 million, +52.74% YoY) [2] - The overall gross margin for the first half of 2025 was 42.5%, an increase of 2.39 percentage points year-on-year, with the second quarter gross margin rising to 42.92% [2] - The company maintained good expense control, with a total expense ratio of 16.26%, down 1.63 percentage points year-on-year, and a net profit margin of 14.42%, up 0.34 percentage points year-on-year [3] Future Earnings Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 247 million, 266 million, and 289 million respectively, with corresponding P/E ratios of 18, 17, and 15.6 [1]