Core Viewpoint - SenSong International (02155) has seen a significant stock price increase of over 9%, attributed to strong order growth in the pharmaceutical sector and overall business performance in the first half of the year [1] Group 1: Financial Performance - In the first half of the year, SenSong International secured new orders amounting to 5.996 billion yuan, representing a year-on-year increase of 89.5% [1] - The new orders in the pharmaceutical sector reached 4.372 billion yuan, showing a remarkable year-on-year growth of 642% [1] - As of the first half of the year, the company's backlog of orders stood at 10.566 billion yuan, which is a 20.4% increase year-on-year, marking a historical high [1] Group 2: Market Outlook - Huatai Securities attributes the strong performance to a robust recovery in overseas pharmaceutical CAPEX demand, which the company effectively capitalized on [1] - The firm anticipates a slight increase in the company's net profit attributable to shareholders in 2025, with expectations of significant growth in new orders [1] - There is optimism for the company to resume double-digit year-on-year growth in net profit attributable to shareholders starting in 2026, driven by reduced impairment losses and increased new orders [1] Group 3: Regulatory Environment - On September 25, former U.S. President Trump announced new high tariffs on various imported products, effective October 1, which includes a 100% tariff on all imported brand or patented pharmaceuticals unless companies have commenced construction of manufacturing plants in the U.S. [1] - SenSong International is positioned as a leading one-stop comprehensive solution provider with extensive experience in high-end equipment, process modules, and modular factory projects, offering advantages in quality, delivery, and pricing [1]

Core Viewpoint - The company reported a decline in revenue and net profit for 1H25, primarily due to disruptions in orders and impairment losses, but new order growth and improved cash flow are promising for future performance [1][2]. Financial Performance - 1H25 revenue was 2.687 billion yuan, down 23% year-over-year, with a net profit of 338 million yuan, down 10.1% year-over-year [1]. - New orders in 1H25 reached 6 billion yuan, an increase of 89.5% year-over-year, with backlog orders at 10.6 billion yuan, up 20.4% year-over-year, marking a historical high [1]. Sector Performance - The biopharmaceutical sector saw revenue of 797 million yuan in 1H25, up 20% year-over-year, driven by successful project completions in North Africa [1]. - The green energy sector is expected to become a new growth driver, with 1H25 revenue from other fields at 288 million yuan, up 18% year-over-year [2]. Future Outlook - For 2H25, the company anticipates strong revenue growth, supported by a significant backlog of orders and a recovery in overseas CAPEX demand [2]. - The modular data center technology is expected to enhance collaboration with downstream operators, potentially driving mid-term growth [3]. Capacity Expansion - The company is expanding its international production capacity, with ongoing projects in Nantong, Malaysia, and potential new facilities in Thailand, which will support long-term growth [3]. Earnings Forecast - The company projects EPS of 0.61, 0.76, and 0.97 yuan for 2025-2027, with a target price of 13.41 HKD for 2025, reflecting an increase in the valuation due to the recovery in the pharmaceutical sector [3].