Changjiang Securities·2025-09-05 02:13Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved revenue of 24.855 billion yuan in H1 2025, a year-on-year increase of 1.30%, and a net profit attributable to shareholders of 2.765 billion yuan, up 20.84% year-on-year [2][6] - The company plans to implement a mid-term dividend, proposing a payout of 2 yuan per 10 shares (including tax), resulting in a dividend ratio of 62.56% [2][6] - The company has accelerated the research and development of embodied intelligent robots, having developed three new humanoid robots, which are expected to expedite industrialization [2][6] Summary by Sections Financial Performance - In H1 2025, the company reported a net profit of 2.765 billion yuan, a 20.84% increase year-on-year, and a non-deducted net profit of 1.925 billion yuan, up 30.08% year-on-year [2][6] - The operating cash flow net amount for H1 2025 was 1.75 billion yuan, reflecting a significant year-on-year increase of 112% [2][6] - The company’s gross profit margin was 28.15%, an increase of 0.17 percentage points year-on-year, driven by an increase in overseas revenue and product structure optimization [2][6] Market Expansion - Domestic revenue saw a decline of 12% year-on-year, primarily due to adjustments in the tower crane and high machine industries, while overseas revenue grew by 15%, accounting for 56% of total revenue [2][6] - The company experienced significant growth in regions such as Africa, the Middle East, Southeast Asia, and Australia/New Zealand, with Africa showing an increase of over 179% year-on-year [2][6] Product Development - The company has developed three new humanoid robots, including one wheeled and two bipedal robots, which are currently in pilot operations across various sectors [2][6] - The establishment of a comprehensive training facility for embodied intelligence is expected to enhance the company's capabilities in this emerging field [2][6] Future Outlook - The company is projected to achieve net profits of 5.023 billion yuan and 6.517 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 13 times and 10 times [2][6]