Nacity Servic(SH:603506) KAIYUAN SECURITIES·2025-08-28 14:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has shown revenue and profit growth year-on-year, with successful investments in robotics and a focus on the "R&D + application" ecosystem [2][4] - The company is expected to enhance its profitability as it exits loss-making projects, with projected net profits for 2025-2027 being CNY 168 million, CNY 176 million, and CNY 184 million respectively [2][3] Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 914 million, a year-on-year increase of 2.75%, and a net profit attributable to shareholders of CNY 130 million, a significant increase of 532.87% [3][4] - The gross margin and net margin for the company were reported at 17.77% and 14.87%, reflecting increases of 0.11 percentage points and 11.87 percentage points year-on-year respectively [3][4] Project and Investment Developments - The company signed 41 new projects in the first half of 2025, covering an area of 4.9164 million square meters, with a significant portion located in the Jiangsu, Zhejiang, and Shanghai regions [4] - The company has invested in Hangzhou Yunxiang Commercial Robot Co., becoming its largest institutional shareholder, which is expected to create a synergistic "R&D + application" ecosystem [4] Earnings Forecast - The company maintains its earnings forecast, with expected earnings per share (EPS) of CNY 0.89, CNY 0.94, and CNY 0.98 for 2025, 2026, and 2027 respectively [2][6] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 16.1, 15.3, and 14.7 for the years 2025, 2026, and 2027 respectively [2][6]