Ginlong Technologies(SZ:300763) Huafu Securities·2025-08-20 11:44Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [19]. Core Insights - The company reported strong performance in H1 2025, achieving revenue of 3.794 billion yuan, a year-on-year increase of 13.09%, and a net profit of 602 million yuan, up 70.96% year-on-year [3]. - The significant growth in the energy storage inverter segment, with revenue reaching 790 million yuan, represents a remarkable year-on-year increase of 313.5% [4]. - The overall gross margin for the inverter business improved to 27.4%, reflecting an increase of 8.1 percentage points year-on-year, driven by enhanced product offerings and cost optimization strategies [5]. - The company’s revenue from new energy power and power generation systems also saw growth, with a revenue of 300 million yuan in H1 2025, a slight increase of 0.9% year-on-year [6]. Financial Performance Summary - For H1 2025, the company achieved a revenue of 3.794 billion yuan, with a net profit of 602 million yuan, marking a significant increase in profitability [3]. - The inverter revenue for H1 2025 was 2.61 billion yuan, with a notable increase in the energy storage inverter segment [4]. - The company’s gross margin for inverters improved significantly, indicating better profitability and operational efficiency [5]. - The financial forecast for 2025-2027 shows expected net profits of 1.23 billion yuan, 1.53 billion yuan, and 1.81 billion yuan respectively, with a corresponding PE ratio of 20.7, 16.7, and 14.1 [8].