25H1归母净利润同比增长0.3%，利息支出及减值优化

25H1归母净利润同比增长0.3%，利息支出及减值优化25H1Profit +0.3%YoY &Interest expense and impairment optimization 最新动态 ➢2025H1归母净利润同比增长0.3%。2025年上半年，集团实现收入124.75亿元，同比下降8.0%；公司归母净利润10.46亿元，同比增长0.3%。25H1，公司毛利率微升至28.2%（24H1为27.5%），主要由于集团生产基地自动化、主动严控成本和提升生产效率，令整体成本控制策略有效实施。25H1，行业处于调整周期，集团采用成本加乘法制定销售价格导致整体收入和毛利下跌、涉及海外市场的初期营运开发费用增加、因债务结构优化及偿还部分债务降低的融资成本，得以抵销。25H1，公司利息支出为3.74亿元（24H1为4.84亿元）。25H1，公司金融及合约资产减值亏损为0.35亿元（24H1为1.41亿元）。 ➢其他业务持续优化。1）环保业务方面，集团正积极优化客户结构，持续深耕政府项目，为未来的发展奠定更坚实的基础。2）供应链服务平台业务方面，集团持续以审慎态度发展，并积极评估海外资产，按市场实际情况逐步出售或改作租赁用途，以优化财务状况，提升现金流及股东价值。供应链服务平台业务业绩下跌主要由于公司2024年完成分拆EDA集团控股有限公司，相关业绩已不反映在集团内。3）新能源业务方面，光伏行业继续面临产能过剩与供需失衡的挑战。集团将继续秉持审慎态度，密切关注市场动态和供需，精简新能源业务，并根据市场变化适时调整发展方向和经营策略。 动向解读 ➢推动塑料管道的农业应用。25H1，公司塑料管道系统业务毛利率维持在29.4%（24H1为29.5%）。在农业应用市场，集团持续推动绿色农业生产模式的应用，精准调整产品策略，推动产品转型，并推出一系列高质量农业管道产品。 ➢加速推进品牌出海和本土化发展，积极开拓海外市场。除了将东南亚和北美作为发展区域重点，公司深度参与当地市场和基础设施建设，同时亦致力打入非洲市场。继坦桑尼亚生产基地正式投产后，公司的埃塞俄比亚生产基地于2025年5月顺利举行开业仪式，为东非市场发展增加新动力。目前，集团已在多个国家和地区设立生产基地和销售中心，助力构建覆盖海外市场的绿色建材供应链体系，进一步夯实全球供应链体系。 策略建议 ➢盈利预测。我们预计公司2025-2027年归母净利润分别为22.01亿元、24.76亿元和26.75亿元。考虑到同行业可比公司估值，并考虑到AH股的估值差异，我们给予公司2025年10倍PE，对应目标价为7.10元，按港币兑人民币汇率为0.91计算，对应目标价为7.80港元，维持“买入”评级。 风险提示 宏观环境风险、产品价格波动风险、下游市场需求不及预期的风险。 What’s New ➢The net profitincreased by 0.3% year-on-year in 2025H1.In2025H1, the group achieved a revenue of12.475 billion yuan(YoY-8.0%); The company's net profitwas 1.046 billion yuan(YoY +0.3%).In25H1,thecompany's gross profit margin slightly increased to 28.2% (27.5% in 24H1), mainly due to the automation of thegroup'sproduction base,proactive cost control,and improved production efficiency,which effectivelyimplemented the overall cost control strategy.In25H1,theindustry is in a period of adjustment, and the group'suse of cost plus method to set sales prices has led to a decline in overall revenue and gross profit, an increasein initial operating and development expenses related to overseas markets, and a reduction in financing costsdue to debt structure optimization and partial debt repayment, which have been offset.In25H1,the company'sinterest expense is 374 million yuan (484 million yuan in 24H1.In25H1,the impairment loss of the company'sfinancial and contractual assets was 35 million yuan (141 million yuan in 24H1). ➢Continuous optimisation of other businesses.1) In terms of the environmental protection business, theGroup is actively optimising its customer structure, deepening its involvement in government projects and layinga more solid foundation for future development. 2) Regarding the supply chain service platform business, theGroup continues to adopt a cautious approach, actively evaluating overseas assets and gradually selling orconverting them for leasing purposes, according to the actual market situation. This isto optimise the financialsituation, enhance cash flow and shareholder value. The decline in the performance of the supply chain serviceplatform business is mainly due to the completion of the spinoff of EDA Group Holdings Limited in 2024, meaningthe related performance is no longer reflected within the group. 3) In terms of the new energy business, thephotovoltaic industry continues to face challenges such as overcapacity and an imbalance between supply anddemand. The Group will maintain a cautious approach, closely monitoring market dynamics and supply anddemand. It will streamline its new energy business and adjust its development direction and business strategyin a timely manner according to market changes. What’s Different ➢Promote the agricultural application of plastic pipes.In25H1,thegross profit margin of the company'splastic pipeline system business remains at 29.4% (29.5% in 24H1). In the agricultural application market, thegroup continues to promote the applicationof green agricultural production models, accuratelyadjustsproductstrategies,promotesproduct transformation, and launch a series of high-quality agricultural pipeline products. ➢Accelerate the globalisation of the brand andlocalisation andactively explore overseas markets.As wellas focusing on Southeast Asia and North America as regions for development, the company is deeply involvedin local markets and infrastructureconstruction andis also committed to entering the African market. Followingthe official opening of the Tanzania production base, the Ethiopia production base successfully held its openingceremony in May 2025, providing further impetus for the development of the East African market. Currently, thegroup has production bases and sales centres in multiple countries and regions, helping to build a green buildingmaterials supply chain system that covers overseas markets and further consolidates the global supply chainsystem. Action ➢Profit forecast.Weexpectthat the company's net profitin 2025-2027will be2.201billion yuan,2.476billionyuan, and2.675billion yuan. Considering the valuation of comparable companies in the same industry,andconsidering the valuation difference of AH share,we have given the company PE of10xfor 2025, whichcorresponds