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平安电工2025上半年营收净利双增 新能源业务劲增40.60%成核心动力

Core Viewpoint - Ping An Electric (001359.SZ) reported strong financial results for the first half of 2025, with significant growth in revenue and net profit, driven by its innovative products in the new energy sector [1][2][3]. Financial Performance - The company achieved operating revenue of 570 million yuan, a year-on-year increase of 16.24% [1][2]. - Net profit attributable to shareholders reached 135 million yuan, up 29.91% year-on-year, while the net profit excluding non-recurring items was 129 million yuan, reflecting a 31.52% increase [1][3]. - The gross margin remained stable, with the gross margin for new energy safety protection composite components nearing 39%, comparable to that of electrical mica materials [3]. Business Growth Drivers - The new energy safety protection composite components business saw a remarkable revenue increase of 40.60%, becoming the main growth engine for the company [2]. - This growth was largely attributed to the new safety standards for power batteries introduced by the Ministry of Industry and Information Technology in April, which raised safety requirements to a "zero tolerance" level [2]. R&D and Innovation - The company invested 24.2 million yuan in R&D during the first half of the year, maintaining a stable R&D expense ratio of over 4% [4]. - Ping An Electric is expanding its "mica+" product series, focusing on cutting-edge applications such as thermal runaway protection for new energy batteries and high-frequency PCB substrates for computing centers [4]. - The company has made significant progress in its production and R&D projects, with total investments exceeding 700 million yuan, of which 314 million yuan has already been invested [4]. Operational Efficiency - The net cash flow from operating activities was 93.13 million yuan, a substantial increase of 649.99% year-on-year, primarily due to improved collection of accounts receivable [3]. - The company's total assets reached 2.278 billion yuan, and net assets were 1.909 billion yuan, both showing growth of approximately 3.83% and 3.80% respectively since the beginning of the year [3].