Zhongyuan Securities·2025-09-10 10:48Group 1 - The investment rating for the company is "Buy" and is maintained [2][13][33] - The core viewpoint indicates that the company's performance is under pressure due to domestic demand slowdown, while overseas expansion continues to show strong growth [7][8][10] - In the first half of 2025, the company achieved operating revenue of 6.928 billion yuan, a year-on-year decline of 11.26%, and a net profit attributable to the parent company of 769 million yuan, down 15.06% [7][8][11] Group 2 - The agricultural machinery segment generated operating revenue of 6.277 billion yuan, a year-on-year decline of 11.5%, accounting for 90.61% of total revenue [11] - The tractor exports increased by 29.74%, with overseas sales reaching 5,445 units, reflecting strong performance in markets like Africa and Central and Eastern Europe [11][12] - The company's gross margin was 16.03%, a decrease of nearly 1 percentage point year-on-year, while the net profit margin increased by 0.24 percentage points to 12.02% [9][10] Group 3 - The company has adjusted its revenue forecasts for 2025 to 11.219 billion yuan, with net profit estimates of 849 million yuan, reflecting a cautious outlook due to industry demand challenges [13][31] - The report highlights the company's leading position in the tractor industry, emphasizing its strong R&D capabilities and proprietary technologies [10][12] - The company is expected to benefit from the ongoing trend towards larger, higher-end, and internationalized agricultural machinery [10][12]