ZPMC(SH:600320) ZHESHANG SECURITIES·2025-09-02 06:22Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company has shown a 12% year-on-year growth in performance for the first half of 2025, with port machinery orders increasing by 27%, indicating an accelerating growth trend [1][2] - The company is positioned as a global leader in port machinery with a market share of 70%, benefiting from automation upgrades and expansion into new product categories [3] - Future growth drivers include industry renewal demands, after-market services, product category expansion, and improvements in governance within the offshore engineering sector [2][3] Financial Performance Summary - For the first half of 2025, the company reported revenue of 17.4 billion yuan, a 1% increase year-on-year, and a net profit of 340 million yuan, reflecting a 12.4% increase [1] - The gross margin was 10.8%, down 1.3 percentage points year-on-year, while the net margin was 2.6%, up 0.2 percentage points year-on-year [1] - The revenue breakdown shows port machinery revenue at 10.7 billion yuan, up 8.3% year-on-year, while offshore equipment revenue was 3.7 billion yuan, down 23% year-on-year [1] Order and Market Trends - New orders for port machinery reached 3.14 billion USD in the first half of 2025, a 27% year-on-year increase, while offshore and steel structure projects saw a significant decline in new orders [2] - The company has maintained a leading position in the port machinery sector for 26 consecutive years, with a consistent market share above 70% since 2006 [3] Future Projections - The company is expected to achieve net profits of 760 million yuan, 846 million yuan, and 1 billion yuan for the years 2025, 2026, and 2027, respectively, representing growth rates of 42%, 11%, and 18% [4][5] - The projected P/E ratios for the years 2025, 2026, and 2027 are 32, 28, and 24, respectively, while the P/B ratios are expected to be 1.44, 1.37, and 1.30 [4][5]