FORTUNE(SH:603173) Huachuang Securities·2025-08-29 11:43Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [7][16]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 1.48 billion yuan, a year-on-year growth of 62.1%, and net profit attributable to shareholders at 250 million yuan, up 140.4% [1]. - The second quarter saw even higher growth, with revenue of 880 million yuan, a 57.8% increase year-on-year, and net profit of 140 million yuan, reflecting a 249.1% increase [1]. - The company is experiencing a peak in overseas order deliveries, with overseas revenue accounting for 64.2% of total revenue, significantly up from 39.1% in 2024 [7]. Financial Performance Summary - The company’s total revenue is projected to grow from 2.42 billion yuan in 2024 to 3.12 billion yuan in 2025, representing a year-on-year growth rate of 28.9% [3]. - Net profit is expected to increase from 261 million yuan in 2024 to 427 million yuan in 2025, with a growth rate of 63.6% [3]. - Earnings per share (EPS) are forecasted to rise from 1.63 yuan in 2024 to 2.67 yuan in 2025 [3]. Business Highlights - The natural gas processing and liquefaction segment showed remarkable performance, achieving revenue of 340 million yuan, a year-on-year increase of 376.4%, with a gross margin improvement of 19.6 percentage points to 33.8% [7]. - The company has successfully developed key technologies and projects in the natural gas sector, enhancing its competitive edge in both domestic and international markets [7]. - The overall gross margin and net margin for the first half of 2025 were 27.2% and 17.0%, respectively, both showing significant year-on-year improvements [7].