Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company demonstrated stable performance in its 2025 interim report, with a revenue of 3.169 billion yuan, representing a year-on-year increase of 12.69%. Domestic revenue was 2.677 billion yuan, up 12.85%, while international revenue reached 492 million yuan, up 11.87%, accounting for 15.53% of total revenue. The net profit attributable to the parent company was 321 million yuan, an increase of 8.25% year-on-year [1][2] - The demand for non-road wide-body dump trucks is expanding, driven by stable demand in domestic mining and infrastructure projects, as well as the need for equipment upgrades in existing markets. The overseas market is also opening new growth opportunities, particularly in the Asia-Pacific region and along the Belt and Road Initiative [3] - The company is focusing on technological breakthroughs, including the development of autonomous driving and new energy vehicles, which are expected to enhance operational efficiency and meet the needs of large-scale mining operations. The overseas revenue accounted for 15.5% in the first half of 2025, indicating significant progress in high-end markets [4] Financial Performance Summary - In the first half of 2025, the company's gross profit margin was 19.78%, up 1.23 percentage points year-on-year. The gross profit margin for complete vehicles was 18.96%, up 1.42 percentage points, while the parts sales margin was 31.39%, down 7.26 percentage points [1] - The net profit margin for the first half of 2025 was 10.14%, a decrease of 0.43 percentage points year-on-year. The expense ratio was 7.25%, an increase of 1.13 percentage points, primarily due to increased sales and R&D expenses [2] - Revenue forecasts for 2025 to 2027 are projected at 6.942 billion yuan, 8.014 billion yuan, and 9.279 billion yuan, respectively, with year-on-year growth rates of 12.98%, 15.44%, and 15.79%. The net profit attributable to the parent company is expected to be 840.84 million yuan, 1.03586 billion yuan, and 1.24995 billion yuan for the same years, with growth rates of 6.02%, 23.19%, and 20.67% [4][5]