GOLDEN SUN SECURITIES·2025-08-31 05:12Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a significant increase in net profit attributable to the parent company, with a growth of 20.84% year-on-year, reaching 2.765 billion yuan in the first half of 2025. The net profit after deducting non-recurring items for Q2 showed an impressive growth of nearly 50% [1] - The company maintains a strong market position in concrete machinery, cranes, and construction hoisting machinery, with a solid domestic market presence and a notable increase in overseas sales, which grew by over 13% year-on-year [1] - The company is expanding its product matrix in earthmoving machinery, achieving over 33% growth in export sales, leading the industry in this segment [2] - The company is accelerating the development of humanoid robots, with several models already in operation across various factory processes, enhancing its competitive edge in automation [2] - The company's overseas revenue continued to grow, with a year-on-year increase of over 14%, particularly strong in the African market, which saw a growth of over 179% [3] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 24.855 billion yuan, a year-on-year increase of 1.30% [1] - The projected net profit for 2025-2027 is expected to be 5 billion, 6.1 billion, and 7 billion yuan, with growth rates of 42%, 21%, and 16% respectively [3] - The company's earnings per share (EPS) is projected to increase from 0.41 yuan in 2024 to 0.58 yuan in 2025, and further to 0.81 yuan in 2027 [4] - The company’s return on equity (ROE) is expected to rise from 6.4% in 2023 to 10.7% in 2027 [4]