Tonhe TECH.(SZ:300491) Xin Lang Cai Jing·2025-09-05 08:53Core Viewpoint - The company reported strong financial performance in Q2 2025, with significant revenue and profit growth, driven by the recovery in charging module profitability and the acceleration of global charging station construction, as well as stable growth in data center and power grid investments [1][2][4]. Financial Performance - In Q2 2025, the company achieved revenue of 379 million yuan, representing a year-on-year increase of 34.8% and a quarter-on-quarter increase of 82.7% [1][2]. - The net profit attributable to the parent company was 22 million yuan, showing a year-on-year increase of 75.9% and a quarter-on-quarter increase of 437.2% [2]. - The non-recurring net profit was 21 million yuan, with a year-on-year increase of 79.1% and a quarter-on-quarter turnaround to profitability [1][2]. - The gross margin and net margin for Q2 2025 were 27.10% and 5.81%, respectively, with quarter-on-quarter increases of 1.11 percentage points and 8.95 percentage points [2]. Business Segments - The new energy power conversion business generated revenue of 385 million yuan in H1 2025, a year-on-year increase of 18.6%, with a gross margin of 19.5%, down 4.6 percentage points year-on-year [2]. - The smart grid business revenue in H1 2025 was 118 million yuan, a year-on-year increase of 36.0%, with a gross margin of 41.2%, up 3.9 percentage points year-on-year [3]. - The company is focusing on enhancing its product offerings in charging modules and smart grid solutions, leveraging technological advancements to improve efficiency and competitiveness [2][3]. Future Outlook - The company maintains an "overweight" rating, with revised profit forecasts for 2025-2027, expecting net profits of 91 million, 190 million, and 255 million yuan, respectively, reflecting significant upward adjustments [4]. - The target price for the company is set at 38.15 yuan, based on a reasonable PE ratio of 35 times for 2026, indicating confidence in sustained growth in charging station and data center-related businesses [4].