Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a forecasted stock performance that is expected to exceed the market index by 5% to 15% over the next six months [6]. Core Insights - In the first half of 2025, the company achieved operating revenue of 237 million, representing a year-on-year growth of 7.29%. The net profit attributable to shareholders was 53 million, up 13.87% year-on-year [1]. - The second quarter of 2025 saw a decline in performance, with operating revenue of 113 million, down 6.03% year-on-year and 8.87% quarter-on-quarter. The net profit for Q2 was 17 million, reflecting a significant decrease of 37.15% year-on-year and 52.78% quarter-on-quarter, primarily due to a reduction in international business orders [4]. - The company's gross margin for the first half of 2025 was 41.90%, an increase of 1.19 percentage points compared to the same period last year [4]. - All major product lines reported positive revenue growth in the first half of 2025, with specific increases in sales for various types of hoses [4]. - The company is actively expanding its new product market, particularly in the high-pressure sterilization equipment sector, with new orders from the juice and beverage industry [4]. Financial Forecast - The company is projected to achieve earnings per share of 1.00 yuan and 1.12 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 24 times and 21 times [5]. - Revenue forecasts for the upcoming years are as follows: 556 million for 2025, 645 million for 2026, and 755 million for 2027 [5].

New Consumption - The company achieved total operating revenue of 1.769 billion yuan in H1 2025, a year-on-year increase of 30.83% [2][8] - The total profit reached 241 million yuan, up 7.17% year-on-year, while the net profit attributable to shareholders was 186 million yuan, reflecting a growth of 5.21% [2][10] - The main brand, Marubi, maintained its position as the "No. 1 domestic brand in eye care" and the PL brand won the "Most Influential Makeup and Fragrance Brand" award [2][9] Machinery/Building Materials - The company reported operating revenue of 161 million yuan in H1 2025, a significant increase of 51.66% year-on-year, with a net profit of 23 million yuan, up 199.23% [12][15] - The balance machine business showed steady growth, while automation equipment and software information systems contributed significantly to performance [13][15] - The company is recognized as a leader in domestic balance machines, with new orders expected to increase as the company expands into high-end equipment manufacturing markets [15] Transportation - The company achieved approximately 766 million yuan in revenue in H1 2025, a decrease of 8.57% year-on-year, while the net profit was approximately 532 million yuan, an increase of 20.51% [16][17] - The main business of highways remains stable, with a significant increase in net profit in Q2 2025 due to the recovery of previously provisioned losses [16][17] - The company plans to distribute a cash dividend of 0.15 yuan per share, indicating a commitment to shareholder returns [16][18] North Exchange - The company reported revenue of 237 million yuan in H1 2025, a year-on-year increase of 7%, with a net profit of 52.68 million yuan, up 14% [20][21] - The domestic revenue grew by 31%, while overseas revenue faced challenges [21] - The company is actively developing new products in nuclear power and data center sectors, which are expected to drive future growth [21][22] Hydraulic Industry - The company achieved revenue of 344 million yuan in H1 2025, a year-on-year increase of 13%, with a net profit of 67.32 million yuan, up 40% [31][32] - The growth was driven by strong demand for dump truck cylinders and oil-gas springs, with significant improvements in gross margins [32][33] - The company is expanding into new fields such as autonomous driving and industrial robotics, indicating a strategic shift towards innovative applications [34][35]

基础化工 | 橡胶 北交所|公司点评报告 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 证券研究报告 hyzqdatemark 2025 年 08 月 27 日 证券分析师 市场表现： | 基本数据 | | | | 月 | 年 | 25 | 08 | | 2025 | 日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | 27.30 | | | | | | | | | | | | | | 一 年 高 低 | 最 | | | | | | | | | | | 33.01/7.01 | | 内 | | （元） | | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | | | 3,464.89 | | | 流通市值（百万元） | | ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's main business of rubber hoses benefits from the recovery of the domestic machinery industry, although Q2 performance declined due to tariff impacts [2] - The company has successfully expanded its product offerings in nuclear power, liquid cooling, and marine hoses, which opens up new growth opportunities [4] - The company is focusing on high-pressure equipment and polymer materials, enhancing its service offerings in various sectors [4] Financial Performance Summary - In H1 2025, the company achieved revenue of 237 million yuan, a year-on-year increase of 7%, and a net profit of 53 million yuan, up 14% year-on-year [2] - The revenue from domestic and overseas markets was 125 million yuan and 112 million yuan, with a year-on-year growth of 31% and a decline of 11% respectively [2] - The gross profit margin increased by 1.19 percentage points to 41.9%, and the net profit margin rose by 1.24 percentage points to 22.13% [2] - The company’s main products, including hose assemblies and hydraulic hoses, showed stable growth in revenue and gross profit margins [3] Product and Market Expansion - Hose assemblies and related fittings accounted for nearly 50% of total revenue, with a gross margin of 52.59% [3] - The company is expanding into high-performance international brand replacements and is set to benefit from the demand for oil extraction and the replacement of old hoses [4] - The company has completed sample trials for various nuclear power hoses and is in the process of supplying samples for liquid cooling hoses [4] Earnings Forecast and Valuation - The forecasted net profits for 2025 to 2027 are 138 million yuan, 173 million yuan, and 210 million yuan respectively, with corresponding P/E ratios of 23, 18, and 15 [4]