Sirui(SH:688102) Western Securities·2025-08-28 12:03Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expected return over the next 6-12 months [5][11]. Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with revenue reaching 772 million yuan, a year-on-year increase of 23.74%, and net profit attributable to shareholders at 74.73 million yuan, up 33.61% year-on-year [1][5]. - In Q2 2025, the company achieved a revenue of 428 million yuan, reflecting a 27.1% year-on-year growth and a 24.42% quarter-on-quarter increase, with a net profit of 42 million yuan, marking a 35.18% year-on-year growth [1][5]. - The company is optimizing its product structure, with new industrial directions contributing to revenue growth, alongside significant foreign exchange gains due to the rising euro exchange rate [1]. Financial Performance Summary - For 2025, the company is projected to achieve revenues of 1.62 billion yuan, with a growth rate of 21.9%, and a net profit of 167 million yuan, reflecting a growth rate of 45.9% [3][10]. - The earnings per share (EPS) are expected to be 0.23 yuan in 2025, with a price-to-earnings (P/E) ratio of 76.0 [3][10]. - The company has made substantial investments in key projects, including 47.23 million yuan in liquid rocket engine thrust chamber materials and components, and 151 million yuan in medical imaging equipment materials, which are expected to enhance production capacity significantly [2].