锦浪科技(300763)：2Q25业绩超出市场预期 盈利能力大幅提升

Core Insights - The company reported a revenue of 3.794 billion yuan for 1H25, representing a year-on-year increase of 13.09%, with a net profit attributable to shareholders of 602 million yuan, corresponding to an earnings per share of 1.52 yuan, up 70.96% year-on-year [1] - In Q2 25, the company achieved a revenue of 2.276 billion yuan, a year-on-year increase of 16.25% and a quarter-on-quarter increase of 50%, with a net profit of 407 million yuan, up 22.75% year-on-year and 109.28% quarter-on-quarter, exceeding market expectations [1] Revenue and Profitability - The company's Q2 gross margin was 38.06%, an increase of 0.2 percentage points year-on-year and 6.0 percentage points quarter-on-quarter, while the net margin was 17.90%, up 0.9 percentage points year-on-year and 5.1 percentage points quarter-on-quarter [1] - The inverter shipment saw strong growth in Q2 25, with approximately 210,000 grid-connected inverters shipped, a quarter-on-quarter increase of 40% [2] - The energy storage segment experienced a significant increase in shipments, with about 68,000 units shipped in Q2, a quarter-on-quarter increase of 79% [2] Business Segments - The energy storage segment's revenue grew by 313.51% year-on-year, primarily driven by commercial storage products, with a gross margin exceeding 50% [2] - The household power generation system generated revenue of 810 million yuan in 1H25, a year-on-year increase of 4.12%, while the new energy power production segment generated 304 million yuan, a year-on-year increase of 0.87% [3] - In Q2, the household photovoltaic power generation achieved revenue of 490 million yuan, a quarter-on-quarter increase of 53%, with a gross margin of 62.7% [3] Forecast and Valuation - Due to the high growth rate and improved profitability of the energy storage business, the company raised its net profit forecast for 25/26 by 9%/7% to 1.2 billion yuan and 1.56 billion yuan, respectively [4] - The target price was adjusted upward by 9% to 75 yuan, corresponding to a P/E ratio of 25/26 years at 25/19 times, indicating a potential upside of 17% from the current stock price [4]