Lutian Machinery (SH:605259) China Post Securities·2025-09-08 06:20Investment Rating - The investment rating for the company is "Accumulate" and is maintained [2] Core Views - The company reported a significant increase in operating performance, with a revenue of 1.307 billion yuan in H1 2025, representing a year-on-year growth of 29.97%. The net profit attributable to shareholders reached 140 million yuan, up 64.36% year-on-year [5][6] - The company achieved a gross margin increase of 4.01 percentage points to 21.4% in H1 2025, while the expense ratio also saw an increase [7] - The company is actively expanding its global channels and has established a strong customer resource advantage, covering over a hundred countries and regions [7] Financial Performance - In Q2 2025, the company achieved a revenue of 669 million yuan, with a year-on-year growth of 15.2%. The net profit attributable to shareholders for the same period was 83 million yuan, reflecting a year-on-year growth of 70.4% [6] - The company’s revenue from high-pressure cleaning machines and general power machinery grew by 36.24% and 17.73% respectively in H1 2025 [6] - The company forecasts revenues of 2.8 billion, 3.364 billion, and 4.001 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 276 million, 337 million, and 406 million yuan [8][10] Valuation Metrics - The company’s projected PE ratios for 2025, 2026, and 2027 are 17.00, 13.93, and 11.56 respectively [8][10] - The company’s market capitalization is 4.5 billion yuan, with a total share capital of 172 million shares [4]