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研报掘金丨东兴证券:大业股份业绩有望进入稳定优化周期,维持“推荐”评级
Ge Long Hui A P P·2025-08-20 07:03

Core Insights - Daya Co. achieved a net profit attributable to shareholders of 0.42 billion in H1 2025, compared to a loss of 0.25 billion in the same period last year, indicating a turnaround to profitability [1] - The company's non-recurring profit for H1 2025 was 0.17 billion, which included government subsidies of 0.13 billion [1] - In Q2 2025, Daya Co. reported revenue of 13.11 billion, representing a quarter-on-quarter growth of 8.3%, and a non-recurring net profit of 0.3 billion, marking the highest quarterly profit since Q2 2023 [1] Financial Performance - The company’s performance in H1 2025 shows a significant improvement with a net profit of 0.42 billion, reversing the previous year's loss [1] - The non-recurring profit of 0.17 billion in H1 2025 reflects the impact of government support [1] - The Q2 2025 results highlight a revenue increase to 13.11 billion and a notable profit increase, indicating strong operational performance [1] Strategic Advantages - Daya Co. is transitioning from product, technology, scale, and operational advantages to efficiency advantages, positively impacting profitability [1] - The optimization of product structure and a decrease in production costs due to green energy trends are expected to enhance profit margins [1] - The establishment of the Morocco production base is anticipated to improve single product profit margins and facilitate overseas market expansion while mitigating shipping cost fluctuations [1] Future Outlook - The company is expected to enter a stable optimization cycle in its performance due to the aforementioned strategic advantages and operational improvements [1]