HDHM(SZ:002685) China Post Securities·2025-09-23 09:24Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][7]. Core Insights - The company has shown a significant increase in its non-recurring net profit, with a year-on-year growth of 59.89% in the first half of 2025, despite a decline in overall revenue due to the divestment of its CNC machine tool business [4]. - The gross profit margin improved to 26.13%, reflecting a 24.6 basis point increase, while the net profit margin also saw a slight increase [4]. - The company is well-positioned in the container handling equipment sector, with a strong order backlog and increasing market share both domestically and internationally [5]. - The acquisition of Xiamen Ruixin Tuxin Technology Co., Ltd. is expected to drive growth in the GPU chip design and solutions business, targeting various industries [6]. Company Overview - The latest closing price is 9.19 yuan, with a total market capitalization of 9.3 billion yuan [3]. - The company has a total share capital of 1.008 billion shares, with a debt-to-asset ratio of 50.8% and a price-to-earnings ratio of 75.27 [3]. Financial Projections - Revenue projections for 2025-2027 are 11.39 billion, 14.50 billion, and 18.71 billion yuan, with expected growth rates of -3.82%, +27.34%, and +28.98% respectively [7]. - The forecasted net profit for the same period is 1.02 billion, 1.48 billion, and 2.30 billion yuan, with growth rates of -17.30%, +45.18%, and +55.66% respectively [7]. - The corresponding price-to-earnings ratios are projected to be 91.01, 62.69, and 40.27 [7].