三角防务（300775）：盈利能力稳中向上，产能落地开启新篇章

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 785 million yuan for the first half of 2025, a year-on-year decrease of 24.8%. The net profit attributable to the parent company was 270 million yuan, down 17.47% year-on-year. The net profit after deducting non-recurring gains and losses was 250 million yuan, a decrease of 17.04% year-on-year. In Q2 2025, the revenue was 382 million yuan, a year-on-year decrease of 28.37% and a quarter-on-quarter decrease of 5.27%. The net profit attributable to the parent company was 142 million yuan, down 11.81% year-on-year but up 10.19% quarter-on-quarter [2][6] Summary by Sections Financial Performance - In H1 2025, the company's sales gross margin was 43.53%, an increase of 0.33 percentage points year-on-year. The expense ratio was 6.56%, up 2.46 percentage points year-on-year. The net profit margin was 34.43%, an increase of 3.06 percentage points year-on-year. In Q2 2025, the sales gross margin was 44.36%, up 0.31 percentage points year-on-year and 1.61 percentage points quarter-on-quarter [11] Inventory and Assets - The inventory balance at the end of H1 2025 was 1.091 billion yuan, an increase of 15.63% compared to the beginning of the period. Accounts receivable and notes receivable amounted to 1.765 billion yuan, a decrease of 12.94% compared to the beginning of the period. The balance of construction in progress was 34 million yuan, a decrease of 96.59% compared to the beginning of the period [11] Future Outlook - The company is actively preparing for production in anticipation of demand recovery, as indicated by the growth in inventory and the completion of construction projects [11]