Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a revenue of 1.639 billion yuan for H1 2025, representing a year-on-year increase of 16.93%. The net profit attributable to shareholders was 198 million yuan, a decrease of 1.15%, while the net profit excluding non-recurring items was 197 million yuan, an increase of 4.72% [5][6] - The company's Q2 performance was under pressure due to the suspension of an EPC project and a reduction in government subsidies, impacting net profit by approximately 12.5 million yuan [6] - The company has seen significant growth in its foreign trade revenue, which has surpassed domestic trade revenue, with a year-on-year increase of 53.7% in H1 2025 [6][7] - The gross margin decreased by 5.45 percentage points to 47.14% in H1 2025, while the expense ratio also declined by 3.39 percentage points to 33.77% [7] - The company is expanding its international market presence, with a joint venture in Saudi Arabia expected to contribute to revenue growth in the latter half of 2025 [7] Financial Performance Summary - For 2025-2027, the company is projected to achieve revenues of 4.253 billion, 4.516 billion, and 4.753 billion yuan, with year-on-year growth rates of 7.28%, 6.19%, and 5.26% respectively. The net profit attributable to shareholders is expected to be 510 million, 607 million, and 663 million yuan, with growth rates of 10.29%, 19.12%, and 9.18% respectively [8][9] - The company's PE ratios for 2025-2027 are projected to be 13.64, 11.45, and 10.49, indicating a favorable valuation outlook [8][9]