CHIC(SH:601608) Zhongyuan Securities·2025-09-09 11:42Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.981 billion yuan for the first half of 2025, representing a year-on-year growth of 2.35%. The net profit attributable to shareholders was 203 million yuan, up 6.39% year-on-year, while the net profit after deducting non-recurring items was 191 million yuan, reflecting a growth of 17.37% year-on-year [7][8] - The company's performance is attributed to the iterative upgrade of existing technology products and market promotion, with a focus on application-oriented R&D investments [9] - The company has effectively managed its expenses, resulting in a slight increase in net profit margin [10] Financial Performance - The company's gross margin for the first half of 2025 was 19.45%, a decrease of 1.52 percentage points year-on-year, while the net profit margin was 5.04%, an increase of 0.16 percentage points year-on-year [10] - The revenue breakdown by business segment shows that the mining and heavy equipment segment generated 2.236 billion yuan, accounting for 56.17% of total revenue, but saw a decline of 21.75% year-on-year. The special materials segment generated 726 million yuan, up 13.41% year-on-year, while the robot and intelligent equipment segment generated 207 million yuan, down 30.4% year-on-year. The new energy equipment segment saw significant growth, generating 812 million yuan, a year-on-year increase of 765.39% [12] Strategic Initiatives - The company is enhancing its competitiveness in the international market by executing a strategy focused on overseas market expansion, achieving a comprehensive application of large-scale crushing and grinding equipment in foreign super-large mines [13] - The company is transitioning from a single product supplier to a full-process solution provider for mining, significantly expanding the value of its products and enhancing its overall competitiveness [13] - The company is actively developing its robotics business, leveraging national policies to accelerate the establishment of a comprehensive robotics industry system [14] Earnings Forecast and Valuation - The revenue forecasts for 2025 to 2027 have been adjusted downwards to 8.73 billion, 9.796 billion, and 11.065 billion yuan, respectively. The net profit forecasts for the same period are adjusted to 484 million, 578 million, and 695 million yuan, respectively, with corresponding P/E ratios of 50.73X, 42.46X, and 35.3X [15]