Smarter Energy(SH:600869) Xin Lang Cai Jing·2025-09-03 08:28Core Viewpoint - The company reported strong financial performance in H1 2025, with significant revenue and profit growth driven by robust performance in cable and airport businesses, alongside a reduction in battery business losses [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 12.98 billion yuan, a year-on-year increase of 14.4%, and a net profit attributable to shareholders of 140 million yuan, up 210.6% [1]. - Q2 2025 saw revenue of 8.1 billion yuan, with quarter-on-quarter growth of 24.0% and year-on-year growth of 66.2%. Net profit for Q2 was 100 million yuan, reflecting quarter-on-quarter growth of 163.1% and year-on-year growth of 112.4% [1]. Business Segments Smart Cable Network - The smart cable network business generated revenue of 11.49 billion yuan in H1 2025, a year-on-year increase of 11.6%, with a net profit of 270 million yuan, up 75.8% [2]. - The company made significant progress in high-voltage submarine cable projects and is the first in China to meet the requirements for the "Hualong One" nuclear power project [2]. Smart Battery - The smart battery segment reported revenue of 690 million yuan in H1 2025, a year-on-year increase of 40.1%, with a net loss of 190 million yuan, reducing losses by 153 million yuan [3]. - The company is focusing on high-value-added products in the consumer battery sector and has seen a 125.5% year-on-year growth in high-capacity cylindrical cells [3]. Smart Airport - The smart airport business achieved revenue of 750 million yuan in H1 2025, a year-on-year increase of 37.5%, with a net profit of 70 million yuan, up 87.56% [3]. - The company is actively involved in 60 ongoing projects, including 51 domestically and 9 internationally, focusing on low-altitude economy and smart upgrades [3]. Strategic Initiatives - The company is committed to its "Electricity + Computing Power + AI" strategy, maintaining its leadership in power-related products while expanding into AI applications [1]. - In H1 2025, revenue from AI, computing power, and robotics reached 490 million yuan, a year-on-year increase of 204.6% and a quarter-on-quarter increase of 377.3% [1]. Future Outlook - The company anticipates further improvement in performance due to ongoing expansion in submarine cable and energy storage business models, alongside new growth opportunities in AI and robotics [4]. - Revenue projections for 2025-2027 are 29.74 billion yuan, 33.90 billion yuan, and 38.36 billion yuan, with net profits of 530 million yuan, 830 million yuan, and 1.22 billion yuan respectively [4].