Ginlong Technologies(SZ:300763) Zhongyuan Securities·2025-08-19 11:10Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [25]. Core Views - The company's energy storage business has seen significant growth, leading to a notable recovery in profitability. The company reported a total revenue of 3.794 billion yuan for the first half of 2025, a year-on-year increase of 13.09%, and a net profit attributable to shareholders of 602 million yuan, up 70.96% year-on-year [7][10]. - The company has optimized its product and customer structure, reducing the unit cost of inverters and continuously launching higher value-added products, which has resulted in an increase in gross profit margin by 3.49 percentage points to 35.67% [10]. - The company maintains a strong global position in the inverter market, ranking third globally with a 5% share of the inverter shipment volume in 2024, despite a 6.98% year-on-year decline in inverter sales volume in the first half of 2025 [10][11]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a total revenue of 3.794 billion yuan, with a net profit of 602 million yuan, reflecting a significant year-on-year growth of 70.96% [7][10]. - The operating cash flow for the period was 811 million yuan, up 36.56% year-on-year, with a diluted return on equity of 7%, an increase of 2.56 percentage points [7][10]. Business Segments - The revenue from the grid-connected inverter segment was 1.82 billion yuan, down 11.22% year-on-year, while the energy storage inverter segment saw a remarkable increase of 313.51%, generating 793 million yuan [10]. - The company’s overseas revenue reached 1.778 billion yuan, a year-on-year increase of 25.26%, with sales accounting for 46.86% of total revenue, up 4.56 percentage points [10]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 973 million yuan, 1.170 billion yuan, and 1.337 billion yuan for 2025, 2026, and 2027, respectively [12][23]. - The report anticipates that advancements in energy storage inverter technology and decreasing costs of energy storage systems will further enhance market growth [11].