GONGNIU(SH:603195) EBSCN·2025-09-02 08:30Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 8.17 billion yuan for the first half of 2025, a year-on-year decrease of 2.6%, and a net profit attributable to shareholders of 2.06 billion yuan, down 8.0% year-on-year [5] - The traditional business faces short-term pressure, while the new energy business continues to grow, with a 33.5% year-on-year increase in revenue [6] - The company plans to repurchase shares worth 250 to 400 million yuan over the next 12 months, having already repurchased shares worth 250 million yuan by the end of July [5] Financial Performance Summary - In Q2 2025, the company achieved a revenue of 4.25 billion yuan, down 7.4% year-on-year, and a net profit of 1.08 billion yuan, down 17.2% year-on-year [5] - The gross profit margin for H1 2025 was 42.3%, a decrease of 0.6 percentage points year-on-year, while the gross profit margin for Q2 2025 was 43.5%, a decrease of 0.1 percentage points year-on-year [7] - The company’s cash flow from operating activities for H1 2025 was 2.38 billion yuan, an increase of 0.7% year-on-year, indicating good cash generation capability [7] Profit Forecast and Valuation - The company is expected to maintain its leading position in the civil electrical industry while expanding into new energy sectors, with net profit forecasts for 2025 and 2026 adjusted to 4.2 billion yuan and 4.5 billion yuan respectively [8] - The current price corresponds to a price-to-earnings ratio of 20, 19, and 18 for 2025, 2026, and 2027 respectively [8]