HUAMING(SZ:002270) 光大证券研究·2025-08-11 23:05Core Viewpoint - The company reported a slight increase in revenue and a significant growth in net profit for the first half of 2025, indicating a positive financial performance despite a decline in Q2 revenue [3]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.121 billion yuan, a year-on-year increase of 0.04%, and a net profit of 368 million yuan, up 17.17% year-on-year [3]. - The gross margin increased by 7.73 percentage points to 55.49%, while the net margin rose by 4.94 percentage points to 33.34% [3]. - For Q2 2025, the company reported revenue of 612 million yuan, a year-on-year decrease of 8.64%, but net profit grew by 5.10% to 197 million yuan [3]. Group 2: Business Segment Performance - The power equipment segment saw revenue growth of 15.29% to 959 million yuan, with a gross margin increase of 0.88 percentage points to 60.48% [4]. - Direct and indirect export revenues in the power equipment segment increased by 20.24% to 157 million yuan and 84.03% to 154 million yuan, respectively, driven by accelerated overseas power investments [4]. - The CNC equipment segment experienced a revenue increase of 41.49% to 111 million yuan, with export revenue soaring by 219.28% to 51 million yuan [4]. - The power engineering segment's revenue declined by 87.10% to 24 million yuan, but the gross margin improved by 3.31 percentage points to 11.13% as the company reduced its focus on lower-margin projects [4]. Group 3: International Expansion - The company is making steady progress in its overseas strategy, with the completion of its factory in Indonesia and the operational launch of its subsidiary in Singapore, enhancing its responsiveness in the Southeast Asian market [5]. - In Europe, the Turkish factory supports market expansion, and local sales teams have been established in France and Italy since 2024, indicating potential market share growth [5]. - The company maintains smooth communication with U.S. clients, with future breakthroughs anticipated in the American market [5]. Group 4: Technological Advancements - The company has solidified its leading position in the industry by mastering the manufacturing technology for ultra-high voltage tap changers, successfully delivering its first 1000kV ultra-high voltage transformer in 2021 [6]. - In 2023, the company signed contracts for the mass sale of ultra-high voltage products, with successful deliveries planned for 2024, marking a significant breakthrough in the ultra-high voltage market [6].