SMHC(SH:600131) ZHONGTAI SECURITIES·2025-09-09 09:29Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is accelerating its intelligent transformation by integrating with Yili Technology, which is expected to enhance its operational capabilities and market position [6] - The company has a solid foundation in its core business, having secured multiple key projects, and is actively involved in the digital infrastructure sector [6] - The company is leveraging advanced technologies and AI applications to drive growth in various segments, including energy innovation services and digital applications [6] Financial Performance Summary - For the first half of 2025, the company reported revenue of 3.525 billion yuan, a year-on-year decrease of 4.55%. Excluding the impact of the acquisition of Yili Technology, revenue remained stable [6] - The net profit attributable to the parent company was 266 million yuan, down 11.01% year-on-year, primarily due to increased corporate income tax expenses [6] - The digital infrastructure business generated revenue of 1.749 billion yuan, reflecting a year-on-year growth of 25.01%, contributing 49.62% to total revenue [6] - The company achieved significant growth in its intelligent application segment, with revenue reaching 704 million yuan, a year-on-year increase of 340.63% [6] - The company forecasts net profits attributable to the parent company for 2025-2027 to be 837 million, 1.052 billion, and 1.267 billion yuan, respectively [6][8] Valuation Metrics - The company’s P/E ratio is projected to decrease from 31.2 in 2024 to 16.8 by 2027, indicating an improving valuation outlook [4] - The projected P/B ratio is expected to decline from 3.1 in 2024 to 2.5 in 2027, reflecting a strengthening financial position [4] - The net asset return rate is anticipated to stabilize around 13% by 2027, indicating consistent profitability [4]