Risen Energy(SZ:300118) Xin Lang Cai Jing·2025-09-10 06:40Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the solar energy market and increased competition [1][4]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 7.44 billion yuan, a year-on-year decrease of 28.8%, and a net profit attributable to shareholders of -680 million yuan, an improvement from -960 million yuan in the same period last year [1]. - For Q2 2025, the company reported operating revenue of 4.45 billion yuan, a year-on-year decrease of 19.4%, but a quarter-on-quarter increase of 48.9%, with a net profit of -410 million yuan [1]. - The gross profit margin for H1 2025 was 3.1%, down 5.9 percentage points year-on-year, while Q2's gross profit margin was 1.5%, down 8.3 percentage points year-on-year and 3.9 percentage points quarter-on-quarter [1]. Group 2: Business Segments - The solar cell and module business generated revenue of 3.81 billion yuan in H1 2025, a year-on-year decrease of 54.0%, with a gross margin of -4.5%, down 11.5 percentage points [2]. - The module business alone accounted for 3.75 billion yuan in revenue, also down 54.1% year-on-year, with sales volume of 5.7 GW, a decrease of 28% [2]. - The company is a leader in the HJT sector, optimizing product structure and accelerating the iteration of N-type high-efficiency capacity, achieving a cell conversion efficiency of over 26.60% and module efficiency of over 24.70% by August 27, 2025 [2]. Group 3: Energy Storage and Photovoltaic Integration - The energy storage system, lighting, and auxiliary photovoltaic products generated revenue of 480 million yuan in H1 2025, a year-on-year increase of 0.3%, with a gross margin of 18.2%, down 8.0 percentage points [3]. - The energy storage integration business focuses on large-scale systems primarily targeting the European and American markets, maintaining a record of zero safety incidents globally [3]. - The company is actively developing commercial distributed photovoltaic power station businesses, with integrated "solar-storage" and "solar-storage-charging" solutions already commercialized [3]. Group 4: Profit Forecast and Investment Suggestions - The company faces intensified industry competition, impacting shipment scale and profitability, with projected revenues of 16.19 billion yuan, 21.53 billion yuan, and 28.20 billion yuan for 2025-2027, reflecting year-on-year growth rates of -20.0%, 33.0%, and 31.0% respectively [4]. - Expected net profits for the same period are -830 million yuan, 430 million yuan, and 1.20 billion yuan, indicating a narrowing loss, a return to profitability, and a growth rate of 176.2% [4]. - The company is positioned as a leading HJT enterprise with advanced R&D and capacity reserves, likely to benefit from improvements in the photovoltaic industry fundamentals [4].