Core Insights - The company reported a revenue of 193 million yuan for H1 2025, representing a year-on-year increase of 16.10% [1] - The net profit attributable to shareholders was 5 million yuan, compared to a breakeven in H1 2024 [1] - The company is focusing on the AIDC sector and has made advancements in solid-state transformer (SST) solutions [2] Financial Performance - In Q2 2025, the company achieved a revenue of 104 million yuan, showing a year-on-year growth of 13.02% and a quarter-on-quarter increase of 18.51% [1] - The gross margin for Q2 2025 decreased to 22.29%, down approximately 4 percentage points from Q1 2025, while the core product gross margin remained above 30% for H1 2025 [1] - The company’s core product, transformers, generated 193 million yuan in revenue, accounting for about 80% of total revenue [1] Strategic Initiatives - The company is actively investing in the AIDC field and has initiated research and development for SST-compatible transformers [2] - The storage business has shown significant improvement, with a revenue increase of 1509.13% year-on-year in H1 2025, and the losses from the storage subsidiary have been reduced to 11.12 million yuan [2] - The company anticipates that the storage business will become a new positive profit growth point as it continues to scale and improve efficiency [2] Future Projections - Revenue projections for 2025-2027 are estimated at 498 million, 587 million, and 694 million yuan, with corresponding growth rates of 32.2%, 17.8%, and 18.3% [3] - Net profit projections for the same period are 58 million, 94 million, and 113 million yuan, with growth rates of 219.3%, 63.0%, and 19.8% [3] - The company maintains a "recommended" rating based on its strategic positioning in the data center sector and its technological advantages in special transformers [3]
新特电气(301120)：储能业务持续减亏 数据中心领域加速布局