开源证券：给予朗新集团买入评级

Core Viewpoint - The report highlights the strong growth potential of Langxin Group, driven by the "dual carbon" policy and advancements in AI technology, maintaining a "buy" rating for the company [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.542 billion yuan, a slight decrease of 0.39% year-on-year; however, the net profit attributable to shareholders was 28.638 million yuan, down 23.02% year-on-year, while the non-recurring net profit increased by 200% to 13.6385 million yuan [2] - The updated profit forecasts for 2025-2027 are 455 million yuan, 575 million yuan, and 722 million yuan respectively, with EPS projected at 0.42 yuan, 0.53 yuan, and 0.67 yuan [1][5] Business Segments - The energy digitalization business generated revenue of 472 million yuan, growing approximately 1% year-on-year, while the energy internet business saw revenue of 864 million yuan, up about 10% year-on-year; the internet TV business revenue fell by 31% to 207 million yuan due to the divestment of the set-top box business [3] - The company is actively implementing multiple AI pilot projects in energy digitalization, achieving significant progress in areas such as load control, renewable energy management, and electricity marketization [3] Strategic Partnerships - In August 2024, the company partnered with Ant Financial to complete the first domestic RWA project based on renewable energy assets in Hong Kong, securing financing for 9,000 charging piles operated under its new energy platform [4] - The company aims to deepen its collaboration with Ant Financial in RWA services, leveraging its extensive network of charging piles, photovoltaics, and energy storage assets to unlock growth potential [4]