国能日新(301162)：新能源装机迎来“抢装潮” 分布式电站需求高增

Core Insights - The company reported a revenue of 321 million yuan for the first half of 2025, representing a year-on-year increase of 43.15% [1] - The net profit attributable to shareholders reached 46 million yuan, up 32.48% year-on-year, while the net profit excluding non-recurring items was 43 million yuan, reflecting a 53.52% increase [1] - In Q2 2025, the company achieved a revenue of 176 million yuan, a 45.74% increase compared to the same period last year, with a net profit of 29 million yuan, up 31.32% year-on-year [1] Industry Trends - The demand for distributed power stations is expected to increase further, supported by new regulations from the National Market Supervision Administration and the National Energy Administration [1] - The "Four Available" policy for distributed photovoltaic power generation has been implemented in major provinces, enhancing the efficiency and stability of power systems [1] Market Position - The company has solidified its advantage in the renewable energy power prediction sector, with a net increase of 1,116 power stations served in the first half of 2025, totaling 5,461 stations [2] - The company maintains a leading market share and has improved prediction accuracy through AI technology and algorithm optimization, achieving a 1%-1.5% increase in prediction precision [2] Market Dynamics - The first half of 2025 saw a "rush to install" in the renewable energy market, driven by favorable policies and low prices for photovoltaic components and wind turbines [3] - New installed capacity for photovoltaic power reached 212 million kilowatts, a 107% year-on-year increase, while wind power added 51.39 million kilowatts, up 99% year-on-year [3] - The utilization rates for wind and photovoltaic power remained high at approximately 93.2% and 94%, respectively [3] Financial Outlook - The company is expected to continue exploring new technologies and markets, with projected EPS of 0.99, 1.28, and 1.59 yuan for 2025-2027, corresponding to P/E ratios of 54.65, 42.44, and 34.05 [3]