NORTHEAST SECURITIES·2025-09-09 07:39Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a total revenue of 41.3 billion yuan in H1 2025, a year-on-year decrease of 9%, while the net profit attributable to shareholders increased by 31% to 4.37 billion yuan [1] - In Q2 2025, the company experienced a significant recovery in profit margins, achieving a revenue of 22.2 billion yuan, down 8% year-on-year, and a net profit of 2.56 billion yuan, up 40% year-on-year and 41% quarter-on-quarter [2] - The company’s sales volume remained stable, with a total net sales volume of 13 million tons in H1 2025, a slight decrease of 0.1% year-on-year, and a main business revenue of 34.8 billion yuan, an increase of 2% year-on-year [2] - The report highlights the steady expansion of the company's industrial chain, including successful project signings and overseas acquisitions that enhance market competitiveness [3] - The outlook for the cement industry in the second half of 2025 is positive, driven by government initiatives to accelerate infrastructure projects and optimize market competition [3] Financial Summary - The projected revenues for 2025 to 2027 are 95.4 billion yuan, 98.6 billion yuan, and 101.9 billion yuan, reflecting year-on-year growth of 5%, 3%, and 3% respectively [4] - The net profit attributable to shareholders is expected to be 9.5 billion yuan, 10.6 billion yuan, and 11.6 billion yuan for the years 2025 to 2027, indicating year-on-year growth of 24%, 11%, and 10% respectively [4] - The report provides a detailed financial forecast, including earnings per share projected at 1.80 yuan, 2.00 yuan, and 2.19 yuan for 2025 to 2027 [5]