TMT(SH:600458) Guoxin Securities·2025-09-08 12:19Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][21]. Core Views - The company achieved a revenue of 9.26 billion yuan in the first half of 2025, representing a year-on-year increase of 7%, with a net profit of 300 million yuan, up 37% year-on-year [6][21]. - The wind turbine blade business saw significant growth, with sales volume reaching 13.0 GW in the first half of 2025, a 97% increase year-on-year [14][17]. - The new materials division is expected to become a new profit growth point, with the company actively developing a range of advanced materials [3][17]. Financial Performance - In the second quarter of 2025, the company reported a revenue of 5.1 billion yuan, a 14% increase year-on-year, and a net profit of 152 million yuan, up 49% year-on-year [6][21]. - The comprehensive gross margin for the first half of 2025 was 16.1%, a decrease of 0.4 percentage points year-on-year, while the net profit margin was 3.6%, an increase of 0.9 percentage points year-on-year [6][21]. - The company forecasts revenues of 22.75 billion yuan, 25.43 billion yuan, and 28.79 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 650 million yuan, 840 million yuan, and 970 million yuan [20][21]. Business Segments - The revenue breakdown for the first half of 2025 shows wind turbine blades at 3.88 billion yuan (up 38% year-on-year), rail transit at 960 million yuan (down 17%), industrial engineering at 740 million yuan (down 18%), automotive parts at 3.39 billion yuan (down 7%), and new materials at 250 million yuan (up 117%) [2][13]. - In the second quarter of 2025, the wind turbine blade segment generated 2.16 billion yuan in revenue, a 46% increase year-on-year, while rail transit and industrial engineering segments saw declines of 4% and 17% respectively [2][13]. Future Outlook - The company aims to expand its new materials product matrix, which includes high-end polyurethane, silicone materials, and HP-RTM structural materials, potentially driving new profit growth [3][17]. - The forecast for the company's earnings per share is projected to be 0.79 yuan in 2025, with a price-to-earnings ratio of 19.2 times [20][21].