国能日新（301162）：功率预测服务电站规模快速增长，拟每10股派发现金红利2.30元

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [4][14]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 321 million yuan, up 43.15% year-on-year, and net profit at 46 million yuan, up 32.48% year-on-year [1]. - The number of power prediction service stations has rapidly increased to 5,461, maintaining a leading market share in the industry, with a net addition of 1,116 stations compared to the end of 2024 [1]. - The company plans to distribute a cash dividend of 2.30 yuan per 10 shares, reflecting a commitment to shareholder returns [3]. Summary by Sections Financial Performance - For 2025H1, the company achieved a revenue of 321 million yuan and a net profit of 46 million yuan, with Q2 revenue at 176 million yuan, marking a 45.74% year-on-year increase [1]. - The revenue from power prediction products was 205 million yuan, showing a growth of 55.14% year-on-year, although the gross margin decreased by 11.91 percentage points to 61.58% due to a higher proportion of lower-margin equipment sales [1]. Product Development - The company has successfully optimized and promoted its distributed integration terminal products, with a 7.75 percentage point increase in gross margin to 58.44% in the distributed power prediction segment [2]. - The innovative product segment, including power trading products, generated revenue of 16.16 million yuan, a year-on-year increase of 1.53% [3]. Future Projections - The company is projected to achieve net profits of 124 million yuan, 154 million yuan, and 194 million yuan for the years 2025, 2026, and 2027, respectively, with a current price-to-earnings ratio of 57 for 2025 [4][5]. - The report anticipates continued growth in the power prediction service sector, driven by the increasing scale of renewable energy installations in China [4].