Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company's performance has shown a short-term recovery, with a notable rebound in revenue from the new energy equipment sector, contributing to a growth in core earnings [2][3] - The company is positioned as a rare player in the heavy equipment manufacturing sector, with a stable upward trend in operations [8] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 3.98 billion yuan, a year-on-year increase of 2.4%, and a net profit attributable to shareholders of 200 million yuan, up 6.4% year-on-year [1] - The gross profit margin for H1 2025 was 19.4%, a decrease of 1.5 percentage points year-on-year, while the net profit margin was 5.0%, an increase of 0.2 percentage points [2] Revenue Breakdown - The mining and heavy equipment segment generated revenue of 2.24 billion yuan, a decline of 21.7% year-on-year, but the gross margin improved by 4.0 percentage points to 25.2% [3] - The new energy equipment business saw revenue soar to 810 million yuan, a staggering increase of 765.4% year-on-year, with a gross margin of 5.1% [3] - Special materials revenue reached 730 million yuan, up 13.4% year-on-year, while the robotics and intelligent equipment segment generated 210 million yuan, down 30.4% year-on-year [3] Business Development - The company is strengthening its intelligent equipment for coal mines and expanding into non-coal mining and international markets, including new contracts for inspection robots [4] - The robotics and intelligent equipment business is evolving with a comprehensive industry system, enhancing its market presence [4] Profit Forecast and Valuation - The profit forecast for 2025-2026 has been adjusted downwards to 430 million yuan and 540 million yuan, respectively, with a new estimate for 2027 at 660 million yuan [4] - The current stock price corresponds to PE ratios of 56, 45, and 37 for 2025-2027 [4]