Core Viewpoint - The company reported a mixed performance in the first half of 2025, with revenue growth but a decline in non-recurring net profit, indicating a potential turning point in profitability after eight consecutive quarters of decline [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved total revenue of 48.4 billion yuan, a year-on-year increase of 1.1%, and a net profit attributable to shareholders of 3.18 billion yuan, up 5% year-on-year [1]. - In Q2 2025, the company reported revenue, net profit, and non-recurring net profit of 25.02 billion yuan, 1.58 billion yuan, and 1.27 billion yuan, respectively, representing year-on-year growth of 3%, 53%, and 29% [1]. - The gross margin for Q2 was 16.6%, a year-on-year increase of 0.1 percentage points, while the net margin was 7.0%, up 3.3 percentage points year-on-year [1]. Group 2: Business Segments - The power transmission and transformation segment saw revenue of 23.54 billion yuan in H1 2025, a 20% increase year-on-year, with a gross margin of 15.0%, up 0.6 percentage points [1]. - The coal business generated revenue of 8.83 billion yuan in H1 2025, a decline of 5.4% year-on-year, with a gross margin of 29.4%, down 4.7 percentage points [2]. - The renewable energy segment reported revenue of 6.31 billion yuan, a significant decline of 38% year-on-year, with a gross margin of -3.6% [2]. Group 3: International Orders and Market Outlook - The company secured a major contract with the Saudi Electricity Company for a localization procurement project, expected to exceed 50% market share, with a contract value of approximately 11.5 billion yuan over seven years [1]. - The company anticipates continued benefits from power construction in the Middle East, Europe, and Asia, with domestic orders expected to increase due to the initiation of ultra-high voltage bidding [1]. Group 4: New Materials and Other Businesses - Revenue from aluminum electronic materials and aluminum alloy products reached 3.34 billion yuan, a year-on-year increase of 19.6%, with a gross margin of 9.8% [3]. - Gold revenue increased by 61.7% to 766 million yuan, driven by higher sales volume and average selling prices, with a gross margin of 54.8% [3]. - Logistics trading revenue grew by 60.7% to 290 million yuan, with a gross margin of 34.7% [3].

Investment Rating - The report upgrades the investment rating to "Strong Buy" [3] Core Views - The company has reached a turning point in Q2 performance, with significant growth in overseas orders for power transmission and transformation equipment [7] - The company reported a total revenue of 48.4 billion yuan in the first half of 2025, a year-on-year increase of 1.1%, and a net profit attributable to shareholders of 3.18 billion yuan, up 5% year-on-year [1][7] - The international orders for the power transmission and transformation sector have shown a high growth rate, with new domestic orders increasing by 14% and international orders rising by 65.9% [7] Financial Data and Valuation - The projected total revenue for 2025 is estimated at 104.52 billion yuan, reflecting a 7% year-on-year growth [2] - The net profit attributable to shareholders is expected to reach 6.02 billion yuan in 2025, representing a 46% increase compared to 2024 [2] - The company’s total market capitalization is approximately 82.8 billion yuan, with a current share price of 16.38 yuan [3] Performance Metrics - The company achieved a gross margin of 16.6% in Q2 2025, a slight increase of 0.1 percentage points year-on-year [7] - The net profit margin improved to 7.0%, up 3.3 percentage points year-on-year [7] - The return on equity (ROE) is reported at 6.0% [3] Business Segments - The power transmission and transformation segment generated revenue of 23.54 billion yuan in H1 2025, a 20% increase year-on-year [7] - The coal business reported revenue of 8.83 billion yuan, down 5.4% year-on-year, while the power generation segment saw a 29.4% increase in revenue to 3.46 billion yuan [7] - The new energy segment's revenue declined by 38% to 6.31 billion yuan, primarily due to a significant drop in polysilicon production [7] Investment Recommendations - The report suggests that the company’s long-term strategy of focusing on high-end equipment manufacturing in power transmission and transformation, along with its energy and new materials sectors, positions it well for future growth [7] - The projected net profit for 2025 has been revised upwards to 6 billion yuan, reflecting the anticipated recovery in the polysilicon market and sustained demand in the power transmission sector [7]

公司发布2025年半年度报告显示，上半年实现营业收入40.03亿元，同比增长10.95%；归属上市公司股 东的净利润3.91亿元，同比下降38.48%。 风险提示：股市有风险，投资需谨慎。 新疆众和股价报7.83元，较前一交易日下跌0.02元。盘中最高触及7.86元，最低下探至7.75元，成交金额 2.05亿元。 新疆众和主要从事铝电子新材料和高纯铝的研发、生产和销售。公司产品广泛应用于电子、电力、航空 航天等领域。 ...