Azure(SZ:002245) Soochow Securities·2025-07-14 02:19Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance exceeded market expectations, with a net profit attributable to shareholders ranging from 160 to 220 million yuan, representing a year-on-year increase of 63% to 125% [9] - The company achieved a shipment of nearly 180 million units in Q2, a quarter-on-quarter increase of 30%, with a profit per unit rising to 0.6 yuan [9] - The company is expanding into new fields, launching semi-solid cylindrical new products with an energy density of 350 Wh/kg and a cycle life exceeding 8000 times [9] - The LED business showed strong profitability, contributing over 50 million yuan in Q2, with expectations for annual profit contribution of 150 to 200 million yuan [9] - The profit forecast for 2025-2027 has been revised upward due to better-than-expected performance, with net profit estimates of 750 million, 1 billion, and 1.3 billion yuan respectively [9] Financial Summary - Total revenue for 2023 is projected at 5,222 million yuan, with a year-on-year decrease of 16.92% [1] - The net profit attributable to shareholders for 2023 is estimated at 140.82 million yuan, reflecting a year-on-year decrease of 62.78% [1] - The earnings per share (EPS) for 2023 is expected to be 0.12 yuan, with a price-to-earnings (P/E) ratio of 110.53 [1] - The company anticipates total revenue growth of 29.38% in 2024, reaching 6,756 million yuan [10] - The projected net profit for 2024 is 487.84 million yuan, indicating a year-on-year increase of 246.43% [10]