Core Viewpoint - 达丰设备 reported a revenue of RMB 301 million for the six months ending September 30, 2025, representing a year-on-year decrease of 11.66% [1] - The company recorded a loss attributable to shareholders of RMB 55.629 million, an increase of 53.66% compared to the previous year [1] - The loss per share was RMB 0.05 [1] Group 1 - To address the challenges of a slow recovery in the construction industry, the company has actively adjusted its operational strategy [1] - The focus will be on clean energy projects, including nuclear, thermal, and wind power, as well as expanding into overseas markets [1] - With ongoing national policies aimed at stabilizing the economy, the company expects to significantly increase its business share in these areas, with future performance anticipated to gradually reflect the effectiveness of this strategy [1]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights the significant investment opportunity presented by the Yarlung Zangbo River hydropower project, which is the largest single investment in clean energy in recent years, with a total investment of approximately 1.2 trillion yuan, expected to generate three times the power output of the Three Gorges Project [5][6] - The establishment of the China Yarlung Group is seen as a key development to ensure the smooth construction and operation of the Yarlung hydropower project, indicating a rapid advancement phase for large strategic projects [5][6] - The report emphasizes the expected increase in demand for construction machinery and equipment due to the scale and complexity of the Yarlung hydropower project, particularly for companies that can provide advanced equipment suitable for harsh high-altitude conditions [6][7] Summary by Sections Industry Overview - The mechanical equipment industry is poised for growth driven by large-scale infrastructure projects like the Yarlung hydropower project, which has a planned installed capacity of approximately 70 million kilowatts and an annual power generation of about 300 billion kilowatt-hours [5][6] Investment Opportunities - Recommended companies for investment include: 1. Tunneling equipment manufacturers: China Railway Construction Heavy Industry, China Railway Industry, and Wuxin Tunneling Equipment 2. Excavators, loaders, cranes, and road machinery: XCMG, SANY Heavy Industry, Zoomlion, LiuGong, and Shantui 3. Cranes: Farlantek [7]