Core Viewpoint - The report highlights that Diweier's Q2 2025 net profit increased by 12% year-on-year, indicating a continuous recovery in profitability, despite a 7% decline in net profit for the first half of the year due to intensified competition in the wellhead market [1][2]. Financial Performance - In H1 2025, the company achieved total revenue of 560 million yuan, remaining flat year-on-year, while the net profit attributable to shareholders was 52 million yuan, a 7% decrease. The non-recurring net profit was 50 million yuan, showing a slight increase of 0.2% year-on-year [2]. - For Q2 2025, the company reported total revenue of 290 million yuan, a 5.5% increase year-on-year, with a net profit of 30 million yuan, up 12% year-on-year. The non-recurring net profit for Q2 was also 30 million yuan, reflecting a 22% increase year-on-year [2]. Profitability Metrics - The gross profit margin for H1 2025 was 20.2%, an increase of 0.2 percentage points year-on-year, while the net profit margin was 9.2%, a decrease of 0.7 percentage points year-on-year. In Q2 2025, the gross profit margin improved to 21.4%, up 0.8 percentage points year-on-year, and the net profit margin rose to 10.5%, an increase of 0.6 percentage points year-on-year [3]. - The company's operating expenses for H1 2025 were 11.0% of revenue, an increase of 3.0 percentage points year-on-year, with specific expense rates for sales, management, R&D, and finance being 1.7%, 5.6%, 3.4%, and 0.3%, respectively [3]. Future Outlook - The company is expected to see continued revenue growth driven by deep-sea orders, which are currently on the rise but have longer delivery times. The overall trend of increasing domestic deep-sea technology initiatives and global offshore oil and gas capital expenditures supports this outlook [4]. - The company has completed trial production for its key components manufacturing project and received initial orders, which may enhance its competitiveness in the oil and gas equipment sector and open up growth opportunities in automotive and specialized industries [4]. Earnings Forecast - The profit forecasts for 2025-2027 have been adjusted to 138 million yuan (previously 140 million), 203 million yuan (previously 205 million), and 261 million yuan (previously 263 million), with corresponding price-to-earnings ratios of 47x, 32x, and 25x, respectively [4].

证券研究报告·公司点评报告·专用设备 迪威尔（688377） 2025年中报点评：Q2归母净利润同比+12%， 盈利能力持续修复 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,210 | 1,124 | 1,418 | 1,783 | 2,098 | | 同比（%） | 23.12 | (7.12) | 26.15 | 25.74 | 17.69 | | 归母净利润（百万元） | 142.43 | 85.60 | 137.60 | 203.16 | 261.26 | | 同比（%） | 17.26 | (39.90) | 60.74 | 47.64 | 28.60 | | EPS-最新摊薄（元/股） | 0.73 | 0.44 | 0.71 | 1.04 | 1.34 | | P/E（现价&最新摊薄） | 45.38 | 75.50 | 46.97 | 31.81 | 24.74 | [Table_Tag] ...