Pylon Technologies(SH:688063) Xin Lang Cai Jing·2025-08-26 00:33Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, but a decline in net profit, indicating mixed financial performance amidst a growing market for energy storage solutions [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.149 billion yuan, a year-on-year increase of 33.75%, while net profit attributable to shareholders was 14 million yuan, a decrease of 30.01%. The non-recurring net profit was -26 million yuan [1]. - In Q2 2025, revenue reached 757 million yuan, up 59.83% year-on-year, with net profit of 52 million yuan, a substantial increase of 228.07%. The non-recurring net profit was 30 million yuan, reflecting a year-on-year growth of 1209.65% [1]. Sales and Market Dynamics - The company saw a significant increase in energy storage battery system sales, with H1 2025 sales volume reaching 1328 MWh, a year-on-year increase of 132.57%. Q2 sales volume was 927 MWh, up 188.84% year-on-year and 131.17% quarter-on-quarter [2]. - The growth in sales volume was driven by multiple factors, including a recovery in traditional international home storage markets, rising shipments in emerging markets, and rapid breakthroughs in commercial energy storage across various regions [2]. Profitability and Cost Management - Q2 2025 showed a substantial improvement in profitability, with a gross margin of 20.63%, an increase of 6.39 percentage points quarter-on-quarter, and a net margin of 6.61%, up 16.80 percentage points quarter-on-quarter [2]. - Despite increased competition leading to price declines and rising operating costs due to changes in export tax policies, the company improved profitability through enhanced capacity utilization and process optimization [2]. Global Expansion and Product Development - The company is deepening its global footprint, with ongoing expansion into Southeast Asia and South America, resulting in structural improvements in overseas performance [3]. - In the domestic market, new liquid cooling energy storage products have achieved large-scale applications in key regions, and lightweight power systems and sodium-ion battery products have been delivered at scale, accelerating the replacement of lead-acid batteries [3]. Earnings Forecast and Valuation - The company has adjusted its earnings forecasts for 2025 and 2026 downwards, while introducing a new forecast for 2027, expecting net profits of 196 million yuan, 379 million yuan, and 494 million yuan respectively [3]. - The current stock price corresponds to a price-to-earnings ratio of 65, 34, and 26 for 2025, 2026, and 2027, respectively, indicating a potential recovery as downstream inventory depletion nears completion and capacity utilization improves [3].