ECC(SH:600850) East Money Securities·2025-09-02 09:06Investment Rating - The report maintains a rating of "Add" for the company [2][6] Core Views - The company has shown steady revenue growth, with a 7.56% year-on-year increase in operating revenue for the first half of 2025, reaching 4.855 billion yuan [5] - The company's net profit attributable to shareholders decreased by 19.33% year-on-year to 108 million yuan, while the net profit after deducting non-recurring gains and losses also fell by 19.96% [5] - The overall gross profit margin declined by 1.42 percentage points to 17.19% [5] - The digital product business generated 200 million yuan in revenue, with new contracts increasing by 41.82% year-on-year, indicating a positive growth trend [5] - The special industry sector has seen a significant recovery, with new orders for the subsidiary Baifei Electronics increasing by 57% year-on-year, driven by projects in aviation, radar, and high-end manufacturing [5] Financial Data Summary - Total market capitalization is approximately 20.24 billion yuan, with a circulating market capitalization of about 18.10 billion yuan [4] - The stock has a 52-week high of 31.00 yuan and a low of 16.81 yuan, with a 52-week increase of 75.49% [4] - The company is projected to achieve operating revenues of 11.965 billion yuan, 13.345 billion yuan, and 14.912 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 615 million yuan, 688 million yuan, and 785 million yuan [6][7]