NARI-TECH(SH:600406) Dongguan Securities·2025-09-02 06:54Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [2][7]. Core Insights - The company has shown consistent growth in new contracts and has made significant strides in international business expansion. In the first half of 2025, the company achieved a revenue of 242.43 billion yuan, a year-on-year increase of 19.54%, and a net profit attributable to shareholders of 29.52 billion yuan, up 8.82% year-on-year [6][7]. - The company is focusing on optimizing its business structure, with a notable increase in international contracts, which grew by over 200% year-on-year. The international revenue reached 19.87 billion yuan, reflecting a growth of 139.18% [6][7]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company reported a revenue of 153.48 billion yuan, a year-on-year increase of 22.50%, and a net profit of 22.72 billion yuan, up 7.33% year-on-year. The first half of 2025 saw a total revenue of 242.43 billion yuan and a net profit of 29.52 billion yuan [6][7]. - The company’s revenue from the power grid sector was approximately 130.71 billion yuan, reflecting a growth of 15.56% year-on-year [6]. Business Segments - The smart grid segment generated revenue of 122.25 billion yuan, up 28.37% year-on-year, while the energy low-carbon segment saw a revenue increase of 29.49% to 65.41 billion yuan. The emerging business revenue grew by 38.65% year-on-year [6][7]. - The company has successfully deployed core products in various fields, including new generation dispatching and power spot markets, further solidifying its market position [6]. Research and Development - The company invested 15.49 billion yuan in R&D in the first half of 2025, marking a 2.8% increase year-on-year, which enhances its core competitiveness [6][7]. Future Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.09 yuan, 1.20 yuan, and 1.26 yuan, respectively, with corresponding price-to-earnings (PE) ratios of approximately 20, 18, and 17 [8][7].