Dongguan Securities·2025-09-03 03:16Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company reported a significant increase in overseas revenue, which now accounts for 55.58% of total revenue, reflecting a year-on-year growth of 14.66% [5][6]. - The company's net profit for H1 2025 reached 27.65 billion yuan, a year-on-year increase of 20.84%, indicating strong financial performance despite a slight decline in revenue growth [5]. - The company is actively pursuing a global strategy, with a focus on enhancing its competitive edge through local manufacturing and expanding its product offerings in emerging markets [5][6]. Financial Performance Summary - In H1 2025, the company achieved total revenue of 248.55 billion yuan, a year-on-year increase of 1.30%, while the gross margin was 28.15%, showing a slight decline [5]. - The company's operating profit is projected to grow, with expected earnings per share (EPS) of 0.56 yuan, 0.68 yuan, and 0.81 yuan for 2025, 2026, and 2027 respectively [7][8]. - The company has seen a robust performance in its traditional product lines, particularly in concrete machinery and earth-moving machinery, with respective revenue growths of 15.66% and 22.11% [5]. Strategic Developments - The company is accelerating the development of humanoid robots, which are expected to create new growth opportunities and enhance operational efficiency [5][6]. - The establishment of a comprehensive training facility for intelligent robotics is aimed at improving the company's capabilities in data collection and model training [6]. Market Position - The company maintains a strong market position in its core product segments, with a focus on optimizing its product structure and deepening its presence in overseas markets [5]. - The company’s overseas sales in the African region have surged by over 179%, indicating successful penetration into new markets [5].