Xianheng International(SH:605056) China Post Securities·2025-09-01 06:11Investment Rating - The investment rating for the company is "Buy" with an expected relative increase of over 20% compared to the benchmark index within six months [2][13]. Core Insights - The company reported a revenue of 1.583 billion yuan for the first half of 2025, representing a year-on-year growth of 33.74%. The net profit attributable to shareholders was 62 million yuan, up 44.87% year-on-year [4]. - The company continues to experience high growth in strategic industries, particularly in the oil and gas and power generation sectors, with significant contributions from e-commerce [5]. - The gross margin for the first half of 2025 was 22.68%, a decrease of 5.63 percentage points year-on-year, primarily due to the rapid growth of lower-margin strategic industry clients [6]. Company Overview - The latest closing price is 14.63 yuan, with a total market capitalization of 6 billion yuan and a circulating market capitalization of 5.9 billion yuan [3]. - The company has a total share capital of 410 million shares, with 407 million shares in circulation. The price-to-earnings ratio stands at 26.60 [3]. Financial Forecast - Revenue projections for 2025 and 2026 are 4.456 billion yuan and 5.404 billion yuan, respectively, indicating year-on-year growth rates of 23.6% and 21.3% [9][12]. - The forecasted net profit attributable to shareholders for 2025 and 2026 is 261.47 million yuan and 303.57 million yuan, with growth rates of 17.3% and 16.1% [9][12].