和泰机电分析师会议-20250827

Group 1: Research Basic Information - The research object is Hetai Electromechanical, and the research date is August 27, 2025. The listed company's reception staff includes the board secretary Fang Qing and Xu Ruoran from the secretary's office [17] Group 2: Detailed Research Institutions - The reception object is China Merchants Securities, a securities company, and the relevant personnel are Zhu Yiqing and Fang Jiamin [20] Group 3: Main Content Company's Business Performance - In the first half of 2025, the company actively expanded the market, and the orders increased year - on - year. The sales orders in the first quarter increased by more than 30% year - on - year. The overall operating income in the first half of the year was 12,351.68 million yuan, a year - on - year increase of 0.44% [24] Reasons for Gross Margin Decline - Due to intensified market competition in the material handling equipment industry and increased depreciation of factories and equipment after the commissioning of Hetai Chain Transport Intelligent Factory, the company's gross margin in the first half of 2025 decreased year - on - year [24] Industry Development Prospects - Against the background of supply - side reform and green development, material handling equipment plays an important role in the industry transformation and upgrading. In overseas markets, the accelerating industrialization process in developing countries and emerging economies drives the market demand for material handling equipment [24] Product Application Fields - The company's environmentally friendly and efficient conveying equipment can be widely used in industries such as cement building materials, ports, steel, chemical, coal, and electricity [26] Overseas Business - The company's overseas business sales models include indirect export through domestic general contractors and direct self - operated export. With the increasing infrastructure demand in overseas developing countries and the accelerated overseas expansion of domestic cement leading enterprises, the company is actively exploring overseas sales [27] Future Development Strategy - The company implements a "real - estate + capital" dual - engine development strategy. In terms of real - estate development, it focuses on the main business of material handling equipment, promotes intelligent production transformation, and expands the global market. In terms of capital strategy, it will use capital market tools such as mergers and acquisitions and equity incentives as needed [27]