储能行业景气度攀升 易事特迎来价值重估拐点

Core Insights - The energy storage market is showing signs of recovery, driven by economic factors and capacity pricing policies in the domestic market, while the overseas market presents significant opportunities due to increased demand from data centers [1] Company Performance - In the first three quarters of 2025, the company reported revenue of 2.461 billion yuan, a year-on-year increase of 6.52%, but net profit attributable to shareholders decreased by 54.25% to 94.2681 million yuan [1] - The third quarter revenue reached 794 million yuan, up 16.62% year-on-year, while net profit dropped significantly by 89.32% to 8.692 million yuan [1] - The decline in profit was primarily due to a one-time provision for investor litigation in the third quarter, indicating that the core business profitability has significantly improved when excluding this impact [2] Profitability and Cash Flow - The company's non-GAAP net profit for the first three quarters was 146 million yuan, a year-on-year increase of 4.13%, with a substantial growth of 82.77% in the third quarter's non-GAAP net profit to 54.6026 million yuan [2] - Operating cash flow for the first three quarters surged by 364.48% to 1.038 billion yuan, primarily due to improved sales collections, providing a solid foundation for future development [2] Strategic Initiatives - The improvement in financial fundamentals is attributed to the company's "AI + New Energy" dual-driven strategy, focusing on core products and system solutions in the power electronics sector [2] - The energy storage segment showed remarkable performance, with revenue from storage products and systems reaching 523 million yuan in the first half of 2025, a year-on-year increase of 153.45% [2] Market Signals and Future Outlook - The company's new energy business now accounts for 56.83% of total revenue, with the charging pile business also showing steady growth, achieving revenue of 73.3783 million yuan, up 24.56% [3] - Positive market signals include the entry of notable investor Wei Wei, who acquired shares worth 235 million yuan, indicating strong confidence in the company [4] - Increased institutional interest is evident, with multiple investment institutions conducting research on the company, suggesting a deeper exploration of its value [4] - The potential removal of the ST label is a focal point for the market, as the company has been actively working on business transformation and financial optimization [4] - Overall, despite the apparent profit pressure in the third-quarter report, the underlying improvements in core business, cash flow, and strategic positioning suggest a solid foundation for value reassessment in the context of the high growth potential in the energy storage industry [4]