Mai Gao Zheng Quan·2025-09-23 12:29Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.32 CNY for A-shares and 7.64 HKD for H-shares, indicating a potential upside of 19.5% and 7.1% respectively from the current prices [5][45]. Core Insights - The company experienced steady growth in H1 2025, with revenue reaching 24.855 billion CNY, a year-on-year increase of 1.30%, and net profit attributable to shareholders at 2.765 billion CNY, up 20.84% year-on-year [1][11]. - The gross margin for H1 2025 was 28.15%, with a net margin of 11.67%, reflecting an improvement in profitability despite a slight decline in gross margin compared to the previous year [2][13]. - The company is benefiting from a diversified product line and a strong overseas market presence, with overseas revenue accounting for 55.58% of total revenue, amounting to 13.82 billion CNY, a 14.66% increase year-on-year [29][33]. Summary by Sections Company Development and Performance - The company reported stable growth in H1 2025, with revenue and profit both showing positive trends. The revenue was 24.855 billion CNY, and the net profit was 2.765 billion CNY, indicating a solid performance [1][11]. - The product lines, including cranes, concrete machinery, and earth-moving machinery, showed signs of recovery, with respective revenues of 8.374 billion CNY, 4.869 billion CNY, and 4.293 billion CNY, reflecting year-on-year growth rates of 1.24%, 15.66%, and 22.11% [18][20]. Embracing Intelligent Technology - The company has begun investing in embodied intelligence technology, developing three humanoid robots and establishing a training facility for these robots, which may create new growth opportunities [34][40]. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 50.426 billion CNY in 2025, with net profits projected at 5.040 billion CNY, reflecting a significant growth trajectory [4][43]. - The projected EPS for 2025 is 0.58 CNY, with corresponding P/E ratios of 13.39x for A-shares and 11.20x for H-shares, indicating that the current valuation is below the average of comparable companies [43][44].