ZHONGTAI SECURITIES·2025-09-02 09:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company's profitability has significantly improved, with the successful implementation of the Nigeria project [1] - The company has achieved a notable increase in overseas business, with cement and clinker revenue rising by 15.37% year-on-year [4] - The completion of the acquisition of 83.81% equity in the Nigeria project for USD 774 million is expected to enhance the company's overall performance [4] Financial Performance Summary - For the first half of 2025, the company reported revenue of CNY 16.047 billion, a decrease of 1.17% year-on-year, while net profit attributable to shareholders increased by 51.05% to CNY 1.103 billion [4] - The second quarter of 2025 saw revenue of CNY 8.885 billion, down 2.94% year-on-year, but net profit rose by 57.22% to CNY 870 million [4] - The company's overseas cement and clinker business achieved revenue of CNY 4.128 billion, with sales volume increasing by 10.41% year-on-year [4] Profitability and Growth Forecast - The company's net profit forecasts for 2025-2027 have been adjusted to CNY 2.673 billion, CNY 3.253 billion, and CNY 3.550 billion respectively [4] - The projected P/E ratios for 2025-2027 are 12.7, 10.4, and 9.5, while the P/B ratios are 1.1, 1.0, and 0.9 respectively [4] - The company is expected to maintain a steady growth trajectory, with domestic cement business profitability gradually recovering and overseas capacity continuing to expand [4]