中信博(688408)：减值拖累Q2业绩 在手订单保持充沛

Group 1: Financial Performance - In H1 2025, the company achieved revenue of 4.037 billion yuan, a year-on-year increase of 19.55%, while net profit attributable to shareholders was 158 million yuan, a year-on-year decrease of 31.79% [1] - In Q2 2025, revenue reached 2.478 billion yuan, showing a year-on-year growth of 58.63% and a quarter-on-quarter increase of 58.99%. However, net profit attributable to shareholders was 48 million yuan, down 38.41% year-on-year and 56.77% quarter-on-quarter [1] Group 2: Sales and Market Dynamics - In H1 2025, the company sold 6.75 GW of tracking brackets, a 15% increase from 5.89 GW in H1 2024. Fixed brackets sales reached 5.97 GW, a significant increase of 187% from 2.08 GW in H1 2024, driven by domestic demand [2] - The average prices for tracking and fixed brackets in H1 2025 were 0.43 yuan/W and 0.17 yuan/W (excluding tax), remaining relatively stable [2] - The company signed large orders continuously since June, indicating strong demand and its leading position in markets like the Middle East. As of the end of Q2, the company had an order backlog of 7.29 billion yuan, a 1% decrease quarter-on-quarter but a 9% increase year-on-year [3] Group 3: Profitability and Financial Challenges - The company's gross margin in Q2 was 16%, down 2 percentage points year-on-year and 3 percentage points quarter-on-quarter, attributed to market slowdown, increased competition, and a higher proportion of lower-margin fixed brackets [2] - In Q2, the company experienced credit impairment losses of 66 million yuan and asset impairment losses of 30 million yuan, impacting performance due to increased accounts receivable from long project cycles [2] - As of the end of Q2, accounts receivable and notes receivable reached 2.42 billion yuan, a 48% year-on-year increase and a 41% quarter-on-quarter increase, marking a historical high [2] Group 4: Future Outlook - The company is expected to achieve net profits attributable to shareholders of 760 million yuan and 930 million yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 15 and 12 times [4]