HENGTONG TECH.(SZ:300374) EBSCN·2025-09-23 08:15Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has achieved stable revenue growth in H1 2025, with total revenue of 870 million yuan, compared to 820 million yuan in the same period last year. The net profit attributable to shareholders has reduced losses, reaching -40 million yuan, an improvement from -50 million yuan year-on-year [1][3] - The company is actively expanding its overseas business and has successfully won multiple projects in key regions such as Yunnan and Shandong, enhancing its presence in the livelihood engineering sector [2] - The gross margin has improved to 8.5%, up by 3.2 percentage points year-on-year, while the operating cash flow has increased to 40 million yuan, reflecting a year-on-year increase of 10 million yuan [3] Financial Summary - In H1 2025, the company reported a gross margin of 8.5%, an increase of 3.2 percentage points year-on-year, and a net profit margin of -4.2%, an improvement of 1.7 percentage points year-on-year [3] - The company’s operating cash flow net amount was 40 million yuan, with a cash collection ratio of 111%, up by 46 percentage points year-on-year [3] - The company’s total assets are projected to grow from 3,274 million yuan in 2023 to 4,615 million yuan by 2027, indicating a positive trend in asset management [10] Earnings Forecast - The company is expected to achieve a net profit of 2 million yuan in 2025, with significant growth projected to 44 million yuan in 2026 and 68 million yuan in 2027 [4][9] - The revenue is forecasted to grow from 1,996 million yuan in 2025 to 2,191 million yuan in 2027, reflecting a steady growth trajectory [4][9]