SMHC(SH:600131) 光大证券研究·2025-08-30 00:03Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the current market environment [4]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.525 billion, a year-on-year decrease of 4.55% (adjusted); net profit attributable to shareholders was 266 million, down 11.01% (adjusted) [4]. - For Q2 2025, the company recorded revenue of 2.413 billion, a year-on-year decline of 9.77% (adjusted); net profit attributable to shareholders was 240 million, down 16.42% (adjusted) [4]. Group 2: Subsidiary Performance - Major subsidiaries of the company, including Zhongdian Puhua, Jiyuan Software, Zhongdian Feihua, Zhongdian Qimingxing, and Yili Technology, generated revenues of 800 million, 730 million, 998 million, 236 million, and 811 million respectively, accounting for 22.71%, 20.71%, 28.31%, 6.68%, and 23.00% of total revenue [5]. - The net profit margins for these subsidiaries were 8.17%, 0.70%, 6.15%, 1.89%, and 7.42%, with the total revenue contribution from profitable subsidiaries reaching 74.02% [5]. - The overall gross margin of the company improved, with figures of 20.02%, 20.27%, and 22.13% for the first half of 2024, second half of 2024, and first half of 2025 respectively [5]. Group 3: Market Position and Competitive Advantage - The company secured over 90% of the market share in the national grid communication equipment procurement, indicating a strong competitive position [6]. - In the second batch of procurement for 2025, the company and its subsidiary Yili Technology won contracts totaling 803 million, representing 93.25% of the total [6]. - In the third batch of procurement, the company and its subsidiaries won contracts totaling 966 million, achieving a market share of 90.70% [6]. Group 4: R&D and Strategic Development - The company focused on industrial development and increased R&D investment, with approximately 482 million allocated to R&D in the first half of 2025 [8]. - The company received 61 patent authorizations, published 65 scientific papers, and won 3 technology awards, reflecting its recognized innovation capabilities [8]. - The company completed key application upgrades, including Marketing 2.0, PMS 3.0, and a smart shared financial platform [8].