Keda Group(SH:600499) Changjiang Securities·2025-08-28 09:15Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve a revenue of 8.2 billion yuan in the first half of 2025, representing a year-on-year growth of 49%. The net profit attributable to shareholders is projected to be 750 million yuan, a 64% increase year-on-year, with a non-recurring net profit of approximately 700 million yuan, reflecting a 75% year-on-year growth [2][4]. - In the second quarter, the company achieved a revenue of 4.4 billion yuan, marking a 51% year-on-year increase, while the net profit attributable to shareholders surged by 178% to 400 million yuan, and the non-recurring net profit rose by 204% to approximately 380 million yuan [2][4]. Summary by Sections Revenue Growth - The core growth driver is the significant increase in overseas building materials revenue, which grew by 90% year-on-year, while building machinery revenue declined by 5%. The revenue structure for the first half of the year shows overseas building materials, building machinery, and new energy equipment accounting for 46%, 31%, and 9% of total revenue, respectively [8]. - The gross margin for the first half of the year was approximately 29.3%, an increase of 3.7 percentage points year-on-year, with a reduction in the period expense ratio to about 14.7%, down 4.1 percentage points year-on-year [8]. Overseas Building Materials - The overseas building materials segment generated approximately 3.77 billion yuan in revenue, with a gross margin of 36.8%, up 5.9 percentage points year-on-year. The company produced 98 million square meters of tiles, a 17% increase year-on-year, and expects tile prices to rise significantly [8]. - As of June 2025, the overseas building materials business operates 11 production bases in 7 countries, with 21 ceramic production lines, 2 glass production lines, and 2 sanitary ware production lines [8]. Building Machinery - The building machinery segment reported revenue of approximately 2.57 billion yuan, a 5% decline year-on-year, but with a gross margin of 26%, up 1 percentage point year-on-year. The decline in revenue is attributed to weak domestic demand for equipment [8]. Financial Projections - The company is projected to achieve net profits of approximately 1.67 billion yuan, 1.93 billion yuan, and 2.21 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding valuations of 14, 12, and 10 times earnings [8].