HAILIANG(SZ:002203) Soochow Securities·2025-09-02 11:04Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in H1 2025 showed significant improvement, with revenue reaching 44.5 billion yuan, a year-on-year increase of 1.1%, and a net profit of 710 million yuan, up 15% year-on-year [7] - The company is actively expanding its overseas operations, particularly in the U.S. market, where it achieved a revenue of 2.47 billion yuan, a year-on-year increase of 50.8% [7] - The company is expected to benefit from the rapid expansion of production capacity in the U.S., with a projected increase in capacity from 30,000 tons to 90,000 tons by the end of 2025 [7] - New product lines, including copper foil, are expected to reach breakeven by 2026, with significant sales growth in H1 2025 [7] - The company's net profit forecasts for 2025-2027 are 1.66 billion, 3.15 billion, and 3.94 billion yuan, respectively, with corresponding P/E ratios of 15.6, 8.2, and 6.6 [7] Financial Summary - Total revenue forecast for 2025 is 103.39 billion yuan, with a year-on-year growth of 18.1% [1] - The company's net profit for 2025 is projected to be 1.66 billion yuan, representing a year-on-year increase of 135.92% [1] - The latest diluted EPS for 2025 is estimated at 0.78 yuan per share [1] - The company's P/E ratio at the current price is 15.59 [1]