LK(SH:600388) Soochow Securities·2025-08-28 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a significant increase in revenue and profit in the first half of 2025, with total revenue reaching 4.683 billion yuan, a year-on-year increase of 0.24%, and net profit attributable to shareholders of 445 million yuan, up 3.27% year-on-year [8] - The company is expanding its renewable energy business significantly, with revenue from the new energy segment reaching 1.195 billion yuan in the first half of 2025, compared to 43 million yuan in the same period of 2024 [8] - The company is strategically entering the robotics sector by acquiring a 20% stake in Zhejiang Jitai Intelligent Technology Co., Ltd., which positions it well in the special robotics market [8] - The company has a strong order book, with new contracts signed totaling 5.370 billion yuan in the first half of 2025, leading to an increase in the total order backlog to 19.971 billion yuan [8] Financial Summary - Total revenue forecast for 2023A is 10,973 million yuan, with a projected increase to 12,097 million yuan in 2025E, representing a year-on-year growth of 20.74% [1] - Net profit attributable to shareholders is expected to rise from 508.97 million yuan in 2023A to 1,231.75 million yuan in 2025E, reflecting a growth rate of 48.33% [1] - The company's earnings per share (EPS) is projected to increase from 0.40 yuan in 2023A to 0.97 yuan in 2025E [1] - The price-to-earnings (P/E) ratio is expected to decrease from 31.57 in 2023A to 13.04 in 2025E, indicating improved valuation [1]