SFY(SZ:002572) BOHAI SECURITIES·2025-08-28 02:25Macro and Strategy Research - In the first seven months of 2025, the profit of industrial enterprises above designated size decreased by 1.7% year-on-year, with the decline narrowing compared to previous months [2] - The industrial added value grew by 6.3% year-on-year, while the PPI growth rate continued to decline due to external uncertainties and extreme weather [2] - The revenue profit margin for the first seven months was 5.15%, a year-on-year decrease of 4.6%, but the decline was less than in the previous months, positively impacting profit growth [2][3] Company Research - The company reported a revenue of 4.551 billion yuan for the first half of 2025, a year-on-year decrease of 7.68%, and a net profit attributable to shareholders of 319 million yuan, down 43.43% [11] - The company's gross margin and net margin decreased by 1.38 and 4.73 percentage points year-on-year, respectively, due to increased management and financial expenses [11][12] - The company’s overseas business has shown steady growth, with revenue from international markets increasing by 39.49% year-on-year [12] Industry Research - In the first seven months of 2025, 19 out of 41 industrial sectors achieved positive profit growth, with notable increases in black metal smelting, non-ferrous metal mining, and high-tech manufacturing sectors [3] - The demand for construction machinery remains strong, driven by ongoing infrastructure projects and a reduction in tariff disruptions, indicating a favorable outlook for the industry [8] - The release of NVIDIA's new robot computing platform is expected to enhance the capabilities of humanoid robots, suggesting significant investment opportunities in the robotics sector [8]