NARI-TECH(SH:600406) 光大证券研究·2025-08-31 23:03Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant revenue growth and a positive outlook for future projects and market expansion [3][4][6]. Financial Performance - In the first half of 2025, the company achieved revenue of 24.243 billion yuan, a year-on-year increase of 19.54%, and a net profit attributable to shareholders of 2.952 billion yuan, up 8.82% year-on-year [3]. - In Q2 2025, the company recorded revenue of 15.348 billion yuan, representing a year-on-year growth of 22.50% and a quarter-on-quarter increase of 72.55% [3]. Industry Investment and Growth - The investment in China's power grid construction reached 291.1 billion yuan in the first half of 2025, marking a year-on-year increase of 14.6% [4]. - The company benefited from its leading position in the industry, with its smart grid business generating revenue of 12.225 billion yuan, a year-on-year increase of 28.37% [4]. Business Development and Diversification - The company is enhancing its core competitiveness by expanding its business in network security, communication support, and energy low-carbon sectors, with energy low-carbon business revenue reaching 6.541 billion yuan, up 29.49% year-on-year [5]. - The company also reported a decline in gross margins across several business segments, indicating a need for strategic adjustments [5]. Market Expansion - The company signed new contracts worth 35.432 billion yuan in the first half of 2025, a year-on-year increase of 23.46%, with significant projects in both domestic and international markets [6]. - Domestic revenue grew by 14.48% to 22.224 billion yuan, while overseas revenue surged by 139.18% to 1.987 billion yuan, reflecting successful market penetration in regions like Saudi Arabia and South America [6].