HIC(SZ:300873) Western Securities·2025-08-28 09:08Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Views - The company's revenue for H1 2025 reached 872 million yuan, representing a year-on-year growth of 7.46%, while the net profit attributable to the parent company was 130 million yuan, down 13.30% year-on-year. The net profit after deducting non-recurring items was 111 million yuan, showing a slight increase of 0.39% year-on-year [1][2]. - The logistics business in the manufacturing sector generated revenue of 739 million yuan, up 7.77% year-on-year, with the consumer electronics segment contributing 686 million yuan, a growth of 7.96% year-on-year. The new customer S has shown rapid growth, while customers J and V exhibit significant development potential [2]. - The semiconductor equipment and logistics automation business achieved revenue of 93 million yuan, an increase of 8.94% year-on-year, with successful project deliveries for several well-known clients [2]. - The company continues to pursue its strategy focused on "new infrastructure, carbon neutrality, and automation," actively advancing the construction and upgrading of intelligent logistics warehouses [3]. Financial Forecast - The company forecasts EPS for 2025, 2026, and 2027 to be 1.44 yuan, 1.61 yuan, and 1.84 yuan respectively, with corresponding P/B ratios of 1.6, 1.5, and 1.4 [3][4].