锦浪科技（300763）：储能逆变器修复兑现，盈利能力显著回暖

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has shown significant recovery in profitability due to the restoration of energy storage inverter sales and improved demand [2][4] - The company is expected to achieve substantial revenue growth driven by its core business in grid-connected inverters and the recovery of overseas energy storage inverter sales [4] - The company’s financial performance is supported by its stable power station assets and flexible business model [3] Financial Summary - Projected revenue for 2023A is 6,101 million yuan, with a year-on-year growth rate of 3.6%. By 2027E, revenue is expected to reach 10,499 million yuan, with a growth rate of 15.5% [1] - The net profit attributable to shareholders is projected to be 779 million yuan in 2023A, with a decline of 26.5%. By 2027E, it is expected to increase to 1,468 million yuan, with a growth rate of 15.2% [1] - The company’s return on equity (ROE) is expected to improve from 10.0% in 2023A to 12.3% in 2027E [1] - The earnings per share (EPS) is projected to increase from 1.95 yuan in 2023A to 3.68 yuan in 2027E [1] Sales and Profitability - In the first half of 2025, the company sold 466,200 inverters, with an overall gross margin of 27.38%, an increase of 8.1 percentage points year-on-year [2] - The sales of energy storage inverters contributed 793 million yuan in revenue, a year-on-year increase of 313.51% [2] - The company’s gross margin for energy storage inverters was 30.27% in the first half of 2025, reflecting a year-on-year increase of 2.69 percentage points [2] Asset Performance - The company’s power station business benefited from the traditional peak season for power generation, with a total operating distributed photovoltaic power generation of 667,500 kWh in the first half of 2025 [3] - The average transaction price for sold distributed photovoltaic power stations was approximately 3.10 yuan/W, generating a profit of about 23 million yuan [3] - The company’s household photovoltaic power generation systems and new energy power production segments contributed revenues of 808 million yuan and 304 million yuan, respectively, with gross margins of 58.02% and 52.78% [3]