Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 met market expectations, with revenue of 11.33 billion and a year-on-year increase of 8.9%, while net profit attributable to shareholders reached 600 million, up 30.1% year-on-year [9] - The growth foundation is built on UHV (Ultra High Voltage) and power transmission and transformation, with transformer profitability continuously improving [9] - The company is actively expanding its overseas market, achieving a 64% year-on-year increase in overseas revenue to 2.171 billion [9] - High R&D investment is maintained, with inventory growth attributed to a backlog of finished products [9] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 21.204 billion, with a year-on-year growth of 13.02% [1] - Net profit attributable to shareholders for 2023 is estimated at 897.17 million, reflecting a 44.92% increase year-on-year [1] - The latest diluted EPS for 2023 is expected to be 0.18 yuan per share [1] Revenue and Profit Forecast - Revenue is forecasted to grow to 24.476 billion in 2025, with a year-on-year increase of 9.85% [1] - Net profit attributable to shareholders is projected to reach 1.497 billion in 2025, representing a 42.04% increase year-on-year [1] - The P/E ratio for 2025 is estimated at 22.97 [1] Market Position and Growth Drivers - The company has a solid order backlog in the UHV sector, with multiple projects expected to start bidding in the second half of the year [9] - The company is also focusing on the distribution network and international expansion as key growth drivers [9] - The gross margin for the first half of 2025 was reported at 21.6%, an increase of 2.7 percentage points year-on-year [9]

Core Viewpoint - The meeting between Chinese Premier Li Qiang and Greek Deputy Prime Minister Hatzidakis emphasizes the intention to strengthen bilateral cooperation, particularly in areas such as trade, clean energy, and artificial intelligence [1] Group 1: Bilateral Cooperation - China expresses willingness to enhance cooperation with Greece, leveraging complementary advantages [1] - High-quality advancement of the Piraeus Port master plan is a priority for both nations [1] - The focus is on optimizing and balancing trade between the two countries [1] Group 2: Investment and Economic Growth - China supports and encourages strong Chinese enterprises to invest in Greece based on market principles [1] - The aim is to cultivate new economic growth points through collaboration in various sectors [1] Group 3: Cultural and Human Exchange - Strengthening cultural exchanges and tourism is highlighted as a means to enhance mutual understanding between the peoples of China and Greece [1] - The meeting underscores the broad common interests between China and Europe [1]

投资要点 事件：2024 年，公司实现营业收入41.92 亿元，同比减少3.03%；实现归母净利润2.51 亿元，同比增长 61.39%。 2024 年归母净利润同比高增61%，利润率提升。2024 年公司实现营业收入41.92 亿元，同比减少 3.03%；实现归母净利润2.51 亿元，同比增长61.39%；扣非归母净利润2.23 亿元，同比增长77.81%。 2024 公司销售毛利率同比提升2.30pct 至23.83%，期间费用率同比下降0.61pct 至13.44%，销售净利率同 比提升2.82pct 至9.07%。 2024 年净利率提升带动ROE 上行，资产负债率下降。2024 年，公司加权平均净资产收益率同比上升 3.41pct 至10.11%。对ROE 采用杜邦分析可得，2024 年公司销售净利率为9.07%，同比上升2.82pct，总 资产周转率为0.68（次），同比下降0.01（次），权益乘数从23 年的2.50 下降至2.69。截至2024 年末公 司资产负债率为40.98%，同比下降5.01pct。 2024 年经营性现金流净额同比大增，净现比恢复。2024 年，1）公司经营活动现金流净 ...