China Post Securities: Initiates "Buy" rating on DHHI, with steady performance growth and continuous improvement in operational quality

China Postal Securities recently pointed out in a research report that DHHI maintained positive growth in both revenue and profit in the first half of the year, with multiple business segments flourishing. Looking at several main sectors: in H1 2025, revenue from material handling equipment was 2.322 billion yuan, up 8.51% year-on-year; revenue from new energy equipment was 1.734 billion yuan, up 21.45% year-on-year; revenue from metallurgical equipment was 1.948 billion yuan, up 21.04% year-on-year; and revenue from core components was 1.014 billion yuan, up 25.29% year-on-year. The company continues to implement cost reduction and expense control measures, as well as institutional reforms, to further enhance operational efficiency and quality. The company's backlog of contracts remains high, and its international layout is progressing in an orderly manner. As of the end of August 2025, the company had a cumulative backlog of approximately 34.5 billion yuan, which is mainly scheduled for delivery between 2025 and 2027. This is the first coverage, and a "buy" rating is given