Ginlong Technologies(SZ:300763) HTSC·2025-08-15 06:07Investment Rating - The report maintains an "Accumulate" rating for the company [7][9]. Core Views - The company reported a revenue of 3.79 billion RMB for the first half of 2025, representing a year-on-year increase of 13.1%. The net profit attributable to shareholders reached 600 million RMB, up 71.0% year-on-year, driven by the increased proportion of medium and high-power inverter products and rapid growth in energy storage revenue [3][5]. - The company is positioned in the first tier of inverters, with strong product capabilities, and is expected to benefit from the recovery in energy storage demand, which has exceeded previous expectations [7][9]. Summary by Sections Revenue and Profitability - In the second quarter of 2025, the company achieved a revenue of 2.276 billion RMB, with a year-on-year increase of 16.3% and a quarter-on-quarter increase of 50.0%. The net profit attributable to shareholders was 407 million RMB, reflecting a year-on-year increase of 22.7% and a quarter-on-quarter increase of 109.3% [4]. - The gross margin for Q2 2025 reached 38.06%, up 6.00 percentage points quarter-on-quarter, primarily due to the increased proportion of high-margin customers and products [4]. Product Performance - In the first half of 2025, inverter revenue was 2.613 billion RMB, a year-on-year increase of 16.6%. The sales volume was 466,200 units, down 7.0% year-on-year, with a gross margin of 27.38%, up 8.1 percentage points year-on-year [5]. - Energy storage inverters saw a significant revenue increase of 313.5% year-on-year, reaching 570 million RMB, with a gross margin of 30.3% [5]. Future Projections - The company has revised its profit forecasts upward, expecting net profits attributable to shareholders of 1.251 billion RMB, 1.369 billion RMB, and 1.592 billion RMB for 2025, 2026, and 2027 respectively, reflecting increases of 80.95%, 9.45%, and 16.32% [7][12]. - The target price for the company's stock is set at 75.36 RMB, based on a price-to-earnings ratio of 24 times for 2025 [7][10].