能辉科技(301046)：收入延续快速增长 回款明显改善

Core Viewpoint - The company reported strong revenue growth in H1 2025, driven by accelerated project turnover in the photovoltaic EPC business, although net profit showed a decline year-on-year [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 900 million yuan and net profit attributable to shareholders of 30 million yuan, representing a year-on-year increase of 44.8% and a decrease of 9.5%, respectively [1]. - Q2 2025 revenue and net profit were 590 million yuan and 20 million yuan, showing a year-on-year increase of 56.7% and 5.5% [1]. - The gross profit margin for H1 2025 was 12.4%, down 4.9 percentage points year-on-year, with the photovoltaic system integration gross margin at 10.5%, down 5.9 percentage points [1][2]. Cost Management - The company's expense ratio decreased slightly to 8.3% in H1 2025, down 1.2 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 2.6%, 3.3%, 1.6%, and 0.8%, respectively [2]. - Operating cash flow improved significantly, reaching 200 million yuan, an increase of 460 million yuan year-on-year, primarily due to increased collections [2]. Business Expansion - The company successfully entered overseas markets for its energy storage systems, targeting Europe and the Middle East, and aims for growth in overseas business volume and local operations [2]. - A new dual-side battery swapping station for electric mining trucks has been established in Xinjiang, indicating potential growth in the heavy truck battery swapping business [2]. Profit Forecast and Valuation - The company adjusted its revenue forecasts upward while lowering profit margin assumptions, predicting net profits of 80 million, 110 million, and 130 million yuan for 2025-2027, with a CAGR of 35.5% [3]. - The target price for the company's stock is set at 26.78 yuan, reflecting a slight increase from the previous target of 21.60 yuan, based on a PEG ratio of 1.5x for 2025 [3].