AsAc(SH:601890) HUAXI Securities·2025-09-09 14:10Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 999.1 million yuan for H1 2025, representing a year-on-year increase of 6%, with Q2 revenue at 403 million yuan, down 17% year-on-year [3] - The ship chain segment faced slight pressure, while the mooring chain revenue and orders accelerated significantly [3] - The company is expected to benefit from the high prosperity of the shipping and offshore industries, with the mining chain entering a rapid growth phase [5] - The floating offshore wind power sector presents a long-term growth opportunity for the company [5] Revenue Summary - H1 2025 revenue breakdown: - Ship chains and accessories: 618 million yuan, down 9% year-on-year - Mooring chains: 355 million yuan, up 51% year-on-year - H1 2025 sales volume: - Ship chains: 63,500 tons, down 2% year-on-year - Mooring chains: 20,900 tons, up 51% year-on-year - H1 2025 order intake: 142,700 tons, with ship anchor chains at 103,200 tons and mooring chains at 39,500 tons [3] Profit Summary - H1 2025 net profit attributable to shareholders was 115 million yuan, down 17% year-on-year, with a net profit margin of 11.98% [4] - The gross profit margin for H1 2025 was 27.71%, benefiting from the higher proportion of mooring chain revenue [4] - Investment income and fair value changes totaled 17.33 million yuan, a decrease of 36.43 million yuan year-on-year, impacting profit performance [4] Financial Forecasts - Adjusted revenue forecasts for 2025-2027 are 2.2 billion, 2.526 billion, and 2.822 billion yuan, representing year-on-year growth of 11%, 15%, and 12% respectively [6] - Adjusted net profit forecasts for 2025-2027 are 309 million, 369 million, and 416 million yuan, with year-on-year growth of 10%, 20%, and 13% respectively [6] - The estimated EPS for 2025-2027 is 0.32, 0.38, and 0.43 yuan [6]