China Post Securities·2025-09-09 06:07Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price of over 20% within the next six months [10]. Core Insights - The company reported significant growth in its first half of 2025, achieving revenue of 1197.58 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of 72.46 billion yuan, up 72% year-on-year [3][4]. - The company’s four main business segments all experienced positive growth, with the railway equipment segment showing the fastest growth at over 40% year-on-year [3]. - The company signed new orders worth approximately 1460 billion yuan in the first half of 2025, a 4.2% increase year-on-year, indicating a strong demand in the rail transit industry [4]. Financial Performance - The company’s revenue is projected to grow to 2773.87 billion yuan in 2025, with a year-on-year growth rate of 12.55%, and net profit is expected to reach 144.63 billion yuan, reflecting a 16.76% increase [5][8]. - The earnings per share (EPS) is forecasted to increase from 0.43 yuan in 2024 to 0.50 yuan in 2025 [8][9]. - The company plans to distribute cash dividends of 31.57 billion yuan, accounting for 43.57% of its net profit for the first half of 2025, highlighting its commitment to shareholder returns [4].