KINGCLEAN(SH:603355) Shenwan Hongyuan Securities·2025-08-29 06:45Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue performance was below expectations, with a 1% year-on-year increase in total revenue for H1 2025, amounting to 4.781 billion yuan, and a 29% decline in net profit attributable to shareholders, totaling 428 million yuan [6] - The company successfully completed the production transfer of its products exported to the U.S., overcoming challenges such as local labor shortages and supply chain issues, ensuring timely delivery of orders [6] - New business development is progressing well, with over 400 million yuan in new orders for core components and the launch of nearly 60 new products, including innovative water purification products [6] - The company is expanding its overseas production capacity to mitigate trade friction, with new factories in Vietnam and Thailand expected to significantly reduce tariff burdens [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 10.238 billion yuan, with a year-on-year growth rate of 4.8% [2] - Net profit attributable to shareholders is projected to be 1.040 billion yuan for 2025, reflecting a decline of 15.4% year-on-year [2] - Earnings per share (EPS) is expected to be 1.81 yuan for 2025 [2] - The gross profit margin is forecasted to be 23.6% for 2025 [2] - Return on equity (ROE) is projected at 19.7% for 2025 [2] Market Data - The closing price of the stock on August 28, 2025, was 23.88 yuan, with a market capitalization of 13.639 billion yuan [3] - The stock has a price-to-book ratio of 2.7 and a dividend yield of 6.28% [3] - The stock's price-to-earnings ratio is projected to be 13 for 2025 [2][3]