NHPM(SH:601882) Changjiang Securities·2025-09-07 03:13Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 1.663 billion yuan in H1 2025, a year-on-year decrease of 0.92%. The net profit attributable to shareholders was 237 million yuan, down 19.27% year-on-year. The net profit excluding non-recurring items was 212 million yuan, a decrease of 17.57% year-on-year. In Q2 2025, the revenue was 923 million yuan, a slight increase of 0.10% year-on-year, while the net profit attributable to shareholders was 138 million yuan, down 15.34% year-on-year [5][10]. - Despite short-term performance pressures, the company is expected to benefit from structural opportunities such as policy advantages, self-sufficiency, and overseas expansion in the medium to long term. The company is steadily advancing its research, production, and sales system layout, anticipating a recovery in performance [10][11]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 1.663 billion yuan, a decrease of 0.92% year-on-year. The net profit attributable to shareholders was 237 million yuan, down 19.27% year-on-year, and the net profit excluding non-recurring items was 212 million yuan, a decrease of 17.57% year-on-year. For Q2 2025, the revenue was 923 million yuan, a slight increase of 0.10% year-on-year, while the net profit attributable to shareholders was 138 million yuan, down 15.34% year-on-year [5][10]. Industry Outlook - The machine tool industry is undergoing a critical transformation and upgrade phase, with market demand expected to continue recovering. In H1 2025, the machine tool industry in China achieved a revenue of 493.3 billion yuan, a year-on-year decline of 1.7%. The metal cutting machine tool sector saw a revenue increase of 13.8% year-on-year, with a total profit of 5.6 billion yuan, up 33.0% year-on-year [10]. Strategic Initiatives - The company is focused on consolidating its leading product advantages and expanding its product line. In 2024, it successfully developed several new machine tool series and key components, significantly enhancing product performance and automation capabilities. The company is also increasing its R&D investment to improve product performance and understanding of key industries, aiming for import substitution and accelerated development of core components [10][11].