新雷能(300593)：25H1业绩承压 静待花开

Core Viewpoint - The company reported a revenue of 552 million in H1 2025, reflecting a year-on-year growth of 12.93%, but faced a net loss of 95 million, which is a 39.82% increase in losses compared to the previous year, indicating short-term profit pressure despite revenue improvement [1] Revenue and Profit Analysis - H1 2025 revenue improved with a year-on-year growth of 12.93%, reaching 552 million, but the net loss expanded to 95 million, a 39.82% increase in losses year-on-year [1] - The gross margin decreased to 39.10%, down 3.78 percentage points year-on-year, indicating weakened profitability [1] - Revenue from power, electric drive, and motor products was 501 million, accounting for 90.71% of total revenue, with a gross margin of 37.42%, which is the lowest for the historical period [1] - Other business revenue increased by 50.93% to 51 million, representing 9.29% of total revenue [1] - Overseas business revenue dropped to 24 million, a decrease of 44.72% year-on-year, with its share of total revenue falling from 18.42% in 2023 to 4.37% [1] Quarterly Performance - In Q2 2025, revenue was 319 million, showing a year-on-year increase of 10.29% and a quarter-on-quarter increase of 36.62%, reflecting a recovery in downstream demand [2] - The net loss for Q2 2025 was 51 million, with losses expanding by 74.35% year-on-year and 17.52% quarter-on-quarter [2] Cost and Expense Management - The expense ratio in H1 2025 decreased by 3.10 percentage points year-on-year but remained high at 54.30%, further compressing profits [2] - Financial expense ratio increased to 2.98%, primarily due to increased loan scale, interest, and reduced deposit interest [2] - Accounts receivable management improved, with accounts receivable decreasing by 0.22% compared to the end of 2024, marking seven consecutive quarters of reduction [2] R&D and Capacity Expansion - The company has increased R&D investments since the second half of 2023, focusing on integrated circuits, data centers, motor drives, commercial satellites, and energy storage, which may lead to future growth [3] - The production capacity for communication and server power supplies has been expanded by nearly 50%, with new projects expected to double the capacity for special power supplies by October 2025 [3] Investment Outlook - The company is expanding its application areas for special power supplies into low-orbit satellites, servers, and new energy sectors, enhancing its competitive position [3] - Forecasted net profits for 2025-2027 are 45 million, 145 million, and 217 million respectively, with corresponding EPS of 0.08, 0.27, and 0.40, indicating positive marginal expectations [3]