SNBC(SZ:002376) Bank of China Securities·2025-09-01 00:16Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company is experiencing a strong recovery in revenue and profit, with a significant growth trend expected to continue into the first half of 2025. The company has entered a new development phase, which is anticipated to unlock further growth potential [4][8]. Financial Performance - In the first half of 2025, the company achieved revenue of RMB 1.279 billion, representing a year-on-year increase of 24.0%. The net profit attributable to the parent company was RMB 37 million, showing a remarkable growth of 114.6%, while the non-recurring net profit reached RMB 33 million, up 700.1% [4][8]. - The company’s revenue for Q2 2025 was RMB 783 million, a 26.0% increase year-on-year, although the net profit decreased slightly by 8.9% to RMB 32 million [8]. - The gross profit margin for the first half of 2025 was 25.33%, a decrease of 3.58 percentage points year-on-year, while the net profit margin increased by 1.23 percentage points to 2.91% [8]. Strategic Development - The company is advancing its "One Body, Two Wings, Eight Major Businesses" strategy, with the first strategic growth curve (specialized printing and scanning, intelligent self-service terminals, smart financial devices, and intelligent logistics equipment) generating RMB 900 million in revenue, a 32% increase [8]. - The second strategic growth curve (new retail comprehensive operations, logistics automation sorting operations, and equipment comprehensive operation services) achieved revenue of RMB 190 million, up nearly 30% year-on-year [8]. - The company’s overseas revenue reached RMB 533 million in the first half of 2025, accounting for 42% of total revenue, an increase of 5 percentage points compared to the first half of 2024 [8]. Future Projections - The report maintains its profit forecast, expecting revenues of RMB 2.59 billion, RMB 2.90 billion, and RMB 3.32 billion for 2025, 2026, and 2027 respectively. The net profit attributable to the parent company is projected to be RMB 70 million, RMB 90 million, and RMB 107 million for the same years [5][7]. - The earnings per share (EPS) are expected to be RMB 0.09, RMB 0.11, and RMB 0.13 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 95.5, 74.9, and 62.9 [5][7].