TMT(SH:600458) Changjiang Securities·2025-08-31 23:31Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a revenue of 9.256 billion yuan for the first half of 2025, representing a year-on-year growth of 6.87%, and a net profit attributable to shareholders of 303 million yuan, up 36.66% year-on-year [2][4]. - In Q2 2025, the company achieved a revenue of 5.098 billion yuan, a 14.41% increase year-on-year, and a net profit of 152 million yuan, which is a 48.86% increase year-on-year [2][4]. - The wind power segment significantly contributed to revenue growth, accounting for 42% of total revenue with a 38% increase, while other segments like rail transportation and industrial engineering faced declines due to factory relocations [9][9]. - The company is expanding its overseas market presence, with a 300% increase in overseas revenue, and is expected to further enhance its international operations with the upcoming production base in Vietnam [9][9]. - The new materials segment is entering a phase of rapid development, with a 117% year-on-year increase in sales revenue and a 51% increase in new orders [9][9]. - The outlook for 2025 indicates continued growth across various segments, with wind power expected to provide the largest profit elasticity [9][9]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a total revenue of 9.256 billion yuan and a net profit of 303 million yuan, with significant growth in Q2 [2][4]. - The total profit for the first half was 405 million yuan, reflecting a 37% year-on-year increase [9]. Segment Analysis - Wind power blades saw a revenue of approximately 3.91 billion yuan, up 38% year-on-year, while the rail transportation and industrial engineering segments experienced declines of 17% and 18% respectively due to factory relocations [9]. - The new materials segment reported a sales revenue of 250 million yuan, marking a 117% increase year-on-year [9]. Market Outlook - The company anticipates continued growth in the wind power sector, with expectations for price increases to be more evident in the second half of the year [9]. - The new materials industry park is expected to be completed, facilitating further development and incubation of new projects [9].