Xiangyu(SH:600057) Huachuang Securities·2025-08-28 10:13Investment Rating - The report maintains a "Strong Buy" rating for Xiamen Xiangyu (600057) with a target price of 9.0 CNY, representing a potential upside of approximately 27% from the current price of 7.12 CNY [1][2][6]. Core Views - The report highlights a 32.48% year-on-year increase in net profit attributable to shareholders for the first half of 2025, driven by the company's strong position in the bulk supply chain sector [1][6]. - The company is expected to benefit from a recovery in demand for bulk commodities, with a focus on operational efficiency and cost reduction strategies [6][7]. - The report emphasizes the positive performance of various business segments, particularly in agricultural products and logistics, indicating a trend towards improved profitability [6][7]. Financial Summary - Total revenue for 2025 is projected to reach 418.86 billion CNY, with a year-on-year growth rate of 14.2% [2][14]. - Net profit attributable to shareholders is expected to increase to 1.95 billion CNY in 2025, reflecting a growth rate of 37.2% [2][14]. - Earnings per share (EPS) is forecasted to be 0.55 CNY for 2025, with a price-to-earnings (P/E) ratio of 13 [2][14]. Business Segment Performance - The bulk commodity trading segment achieved a volume of 120.76 million tons in H1 2025, a 19.02% increase year-on-year, generating revenue of 193.4 billion CNY [6][7]. - The logistics segment reported a revenue increase of 17.39% to 4.996 billion CNY, with a gross margin improvement [6][7]. - The manufacturing segment, however, saw a decline in revenue by 6.71% to 5.284 billion CNY, indicating challenges in this area [6][7]. Future Outlook - The report suggests that the company is well-positioned to capitalize on the recovery of the industrial sector, particularly in cyclical commodities, as economic conditions improve [6][7]. - The anticipated growth in net profit and revenue for 2026 and 2027 indicates a sustained upward trend in the company's financial performance [6][7].