Core Viewpoint - Pacific Securities maintains a "Buy" rating for Macro Holdings (09930), highlighting the company's successful global expansion and resilience in a challenging domestic market [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 4.35 billion, with a gross profit of 94.06 million and a net profit attributable to shareholders of 35.49 million [1] - The overseas market revenue exceeded 597 million, accounting for 13.7% of total revenue, showing a significant year-on-year increase of 719.8% [1][2] - Domestic market revenue faced a decline of 10.7% due to falling equipment rental prices and reduced engineering service income, reflecting the overall weakness in the construction industry [2] Group 2: Business Segments - Revenue from operating leasing services, engineering technical services, and other services was 2.265 billion, 1.139 billion, and 946 million respectively, with engineering technical services and other services declining by 41.48% and 8.21% year-on-year [3] - Operating leasing services showed a bright performance with a year-on-year increase of 19.5%, driven primarily by growth in overseas markets [3] Group 3: Strategic Initiatives - The company is transitioning from an investment-driven model to a lean operation model, optimizing asset allocation and enhancing regional layout efficiency to reduce operational costs [4] - The "Three + Three + Three" strategy is being implemented to further expand into Southeast Asia and the Middle East, strengthening international presence [4] - As of the end of the first half of 2025, the company managed 202,600 aerial work platforms and expanded its overseas network to 63 locations, indicating a robust international growth trajectory [4]

Core Viewpoint - The company maintains a "buy" rating from Pacific Securities, highlighting its successful global expansion and resilience in the face of domestic market pressures [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 4.35 billion yuan, with a gross profit of 94.06 million yuan and a net profit attributable to shareholders of 35.49 million yuan [1] - Overseas market revenue exceeded 597 million yuan, accounting for 13.7% of total revenue, showing a significant year-on-year increase of 719.8% [1] - Domestic market revenue faced a decline of 10.7% due to falling equipment rental prices and reduced engineering service income [1] Group 2: Business Segments - The company reported revenues of 2.265 billion yuan from operating leasing services, 1.139 billion yuan from engineering technical services, and 946 million yuan from platform and other services [2] - Engineering technical services and platform services saw declines of 41.48% and 8.21% respectively, primarily due to a contraction in the domestic market [2] - Operating leasing services showed a bright spot with a year-on-year growth of 19.5%, driven by overseas market expansion [2] Group 3: Strategic Initiatives - The company is transitioning from an investment-driven model to a lean operation model, optimizing asset allocation and enhancing regional layout efficiency to reduce operational costs [3] - The "Three + Three + Three" strategy is being implemented to further expand into Southeast Asia and the Middle East, strengthening international presence [3] - As of the end of the first half of 2025, the company managed 202,600 aerial work platforms and expanded its overseas network to 63 locations [3]

Company Overview - Macro信建发 is a subsidiary of Far East Horizon (03360.HK), focusing on equipment leasing and providing integrated solutions for the construction and industrial sectors [2] - Established in 2011, the company ranks 14th in the global rental company rankings (IRN100) and operates over 580 service points across China and overseas, serving more than 320,000 clients [2] - The company is headquartered in Tianjin and has four major operational bases in Shanghai and Guangzhou [2] Financial Performance - As of June 30, 2025, Macro信建发 reported total revenue of 4.35 billion RMB, a year-on-year decrease of 10.72% [1] - The net profit attributable to shareholders was 35.49 million RMB, down 86.77% year-on-year, with basic earnings per share of 0.01 RMB [3] - The gross profit margin stood at 21.62%, while the debt-to-asset ratio was 69.03% [1] Market Position and Valuation - Macro信建发's price-to-earnings (P/E) ratio is 5.29, ranking 18th in the industrial engineering sector, which has an average P/E ratio of 16.75 [1] - Other companies in the sector have varying P/E ratios, with China Aerospace Wanyuan (01185.HK) at 0.32, Yili Holdings (00076.HK) at 0.35, and others [1] Strategic Initiatives - The company emphasizes innovation and R&D, collaborating with leading equipment manufacturers and research institutions, holding hundreds of patents [2] - Macro信建发 aims to provide efficient equipment solutions throughout the lifecycle of construction projects, enhancing safety, efficiency, and cost-effectiveness [2]

Group 1 - The company reported a revenue of RMB 4.35 billion for the first half of 2025, a decrease of 10.7% year-on-year [1] - Gross profit was RMB 941 million, down 39.7% year-on-year, while profit before tax was RMB 50.28 million, a decline of 87.6% year-on-year [1] - The company's net profit attributable to ordinary shareholders was RMB 35.49 million, a decrease of 86.8% year-on-year, and EBITDA was RMB 1.969 billion, down 1.7% year-on-year [1] Group 2 - The decline in revenue was primarily due to the continuous drop in equipment rental prices in the domestic market, proactive contraction of materials-related business, and temporary impacts on utilization rates from domestic equipment being shipped to overseas outlets [1] - The company has established a diverse, stable, and high-quality customer base, increasing from approximately 232,000 customers in 2023 to about 367,000 in the first half of 2025, including around 6,000 overseas customers [2] - Average utilization rates for aerial work platforms and new formwork systems were lower than the same period last year, while new support systems showed slightly better utilization rates compared to last year [2]