Soochow Securities·2025-08-29 07:18Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In the first half of 2025, the company achieved a net profit attributable to shareholders of 1.28 billion yuan, a year-on-year increase of 48%, driven by improved gross margins in the container and offshore engineering segments [2] - The company’s total revenue for the first half of 2025 was 76.1 billion yuan, a decrease of 4% year-on-year, while the net profit for Q2 was 730 million yuan, a decrease of 6% year-on-year, indicating strong performance despite high base effects [2] - The gross profit margin improved to 12.7%, up 1.9 percentage points year-on-year, with the container segment's gross margin at 16.2%, an increase of 4.0 percentage points [4] Segment Summaries - Container Segment: Revenue was 21.7 billion yuan, down 13% year-on-year, with a net profit of 1.4 billion yuan, up 13% year-on-year. Dry container sales were 1.13 million TEU, down 19% year-on-year, while refrigerated container sales increased by 106% year-on-year due to South American fruit exports [3] - Vehicle Segment: Revenue was 9.8 billion yuan, down 9% year-on-year, with a net profit of 410 million yuan, down 29% year-on-year, affected by demand in the North American market [3] - Energy and Food Segment: Revenue was 13 billion yuan, up 7% year-on-year, with a net profit of 460 million yuan, up 90% year-on-year [3] - Offshore Engineering Segment: Revenue was 8 billion yuan, up 3% year-on-year, with a net profit of 280 million yuan, marking a return to profitability [3] - The company has a strong order backlog in the energy and offshore segments, with 29.2 billion yuan in orders as of the end of the first half of 2025, supporting future revenue growth [5]