Keda Group(SH:600499) NORTHEAST SECURITIES·2025-09-09 03:42Investment Rating - The report maintains a "Buy" rating for the company [3][6][11]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 8.19 billion yuan, a year-on-year increase of 49%, and net profit attributable to shareholders of 750 million yuan, up 64% year-on-year [1][2]. - The gross profit margin for the first half of 2025 was 29.3%, an increase of 3.4 percentage points compared to the full year of 2024, while the net profit margin was 13.9%, up 3.7 percentage points year-on-year [2]. - The overseas building materials business saw a revenue increase of 90% year-on-year, reaching 3.77 billion yuan, with a gross margin of 36.8%, up 5.9 percentage points year-on-year [2]. - The company has established 11 production bases in seven African countries and is expanding its operations in South America, with a glass project in Peru expected to commence production in 2026 [2]. - The building materials machinery business generated 2.57 billion yuan in revenue, a decrease of 5% year-on-year, but maintained a gross margin of 26.2%, an increase of 1.3 percentage points [3]. - The report highlights a significant improvement in the profitability of the company's associate, Blueco Lithium, with a net profit margin of 31%, up 14 percentage points from the previous year [3]. Financial Summary - For the first half of 2025, the company achieved a net profit of 400 million yuan in Q2, a year-on-year increase of 179% and a quarter-on-quarter increase of 15% [2]. - The projected revenue for 2025 to 2027 is estimated at 14.74 billion yuan, 16.29 billion yuan, and 18.29 billion yuan, representing year-on-year growth rates of 17%, 11%, and 12% respectively [3]. - The net profit attributable to shareholders is projected to be 1.43 billion yuan, 1.63 billion yuan, and 1.90 billion yuan for the same period, with growth rates of 42%, 14%, and 17% respectively [3]. - The report provides a price-to-earnings (P/E) ratio forecast of 16, 14, and 12 for the years 2025, 2026, and 2027 respectively [3].