NHPM(SH:601882) Soochow Securities·2025-09-02 09:23Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue remains stable, but profits are under short-term pressure due to weak demand in the machine tool sector and intensified price competition [2][3] - The gross margin continues to decline, attributed to changes in accounting standards and increased competition in the industry [3] - Capacity expansion is progressing steadily, with ongoing development of domestic and international channels to enhance market presence [4] Revenue and Profit Summary - In H1 2025, the company achieved revenue of 1.663 billion yuan, a year-on-year decrease of 0.92%, and a net profit attributable to shareholders of 237 million yuan, down 19.27% year-on-year [2] - The gross margin for H1 2025 was 26.14%, a decline of 2.23 percentage points year-on-year [3] - The company’s sales net profit margin for H1 2025 was 14.3%, down 3.2 percentage points year-on-year [3] Product Performance - Machine tool sales generated revenue of 1.635 billion yuan, a slight decrease of 0.47% year-on-year, while parts and other products saw a revenue drop of 22.52% [2] Capacity and Channel Development - The company is enhancing its production capacity in South China and advancing the construction of a high-end CNC machine tool intelligent production base in Ningbo [4] - The company is also expanding its overseas market presence, having established subsidiaries in Germany and Serbia to improve global marketing efforts [4]