szclou(SZ:002121) Xin Lang Cai Jing·2025-08-17 01:20Core Viewpoint - Kelu Electronics, a subsidiary of Midea Group, has turned profitable in the first half of this year, achieving significant revenue and profit growth compared to the previous year [1][3]. Financial Performance - In the first half of the year, Kelu Electronics reported revenue of 2.573 billion yuan, a year-on-year increase of 34.66% [1][6]. - The net profit reached 190 million yuan, a substantial increase of 579.14%, compared to a loss of approximately 40 million yuan in the same period last year [1][3]. - The first quarter saw a net profit increase of 857.45%, amounting to 67 million yuan, while the second quarter's net profit was approximately 123 million yuan, up 362.5% year-on-year [1]. Business Segments - Kelu Electronics has shifted its revenue structure, with the energy storage business now accounting for 49.83% of total revenue, surpassing the smart grid segment, which contributed 48.74% [3][4]. - The energy storage segment generated 1.282 billion yuan in revenue, a significant increase of 177.15% year-on-year, while the smart grid revenue declined by 9.17% [3][4]. Market Expansion - The company has successfully entered new markets, including Greece, Czech Republic, and Poland, and has secured significant contracts for energy storage systems [7]. - Kelu Electronics' overseas revenue reached 1.280 billion yuan, a year-on-year increase of 126.84%, indicating a balanced domestic and international revenue split [7]. Strategic Initiatives - The company has implemented a dual-brand strategy with "Midea + Kelu" for its industrial and commercial storage products [8]. - Kelu Electronics is constructing a new energy storage production base in Indonesia, with an initial planned capacity of 3 GWh, expected to commence operations in 2026 [8]. Financial Health - The company's debt ratio stands at 90.88%, with total liabilities of 7.294 billion yuan, reflecting a 2.82% increase from the previous year [8]. - Operating cash flow turned negative at -6.613 million yuan, a significant decline from 123 million yuan in the same period last year [8]. Future Outlook - Kelu Electronics has set ambitious revenue growth targets for 2025-2027, aiming for increases of no less than 43%, 90%, and 150% respectively, with net profit targets of 20 million yuan, 110 million yuan, and 370 million yuan [9][10].