Investment Rating - The report maintains an "Outperform" rating for the company [2][7]. Core Insights - The company's performance in the first half of 2025 met expectations, with total revenue of 170 million yuan, a year-on-year decrease of 12.4%, and a net profit attributable to shareholders of 24.63 million yuan, down 58.9% year-on-year [7]. - The decline in revenue was primarily due to unrecognized process package deliveries, while equipment and catalyst revenues showed growth [7]. - The company expects significant growth in Q3 2025 due to high certainty in the delivery of equipment and catalysts, alongside improved margins from self-produced catalysts [7]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 651 million yuan, with a year-on-year growth rate of 17.3% [6]. - The net profit attributable to shareholders is forecasted to be 124 million yuan for 2025, reflecting a 6.7% increase year-on-year [6]. - The company anticipates a gross margin of 32.4% for 2025, with a return on equity (ROE) of 13.2% [6]. Revenue Breakdown - In H1 2025, the company generated 5.47 million yuan from process packages and technical services, a significant decrease of 93.3% year-on-year [7]. - Equipment revenue reached 86.98 million yuan, up 21.5% year-on-year, while catalyst revenue surged to 76.76 million yuan, marking a 92.0% increase [7]. Short-term Outlook - The company is expected to see substantial growth in Q3 2025 due to the delivery of delayed equipment and catalysts, with a notable increase in self-produced catalyst margins [7]. Long-term Outlook - The company is actively enhancing its global patent portfolio and expanding its technology offerings, which is expected to provide more options for customers and increase market presence [7].
瑞华技术（920099）：业绩符合预期，25Q3设备、催化剂交付确定性高