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国能日新(301162):2025 年半年报点评:核心业务实现高增,电力交易等业务打开长期发展空间

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company achieved a revenue of 321 million yuan in the first half of 2025, representing a year-on-year growth of 43.15%, and a net profit of 45.97 million yuan, up 32.48% year-on-year [1]. - The company's core business, particularly in distributed photovoltaic power forecasting, is expected to grow significantly, with a growth rate exceeding 50% [1]. - The company has benefited from a surge in new service stations, adding 1,116 new stations in the first half of 2025, bringing the total to 5,461 stations by the end of June 2025, which is a 55.14% increase in revenue [2]. - The innovative business segments, including electricity trading products and virtual power plants, are anticipated to become new growth drivers for the company [3]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 321 million yuan and a net profit of 45.97 million yuan, with respective growth rates of 43.15% and 32.48% [1]. - The forecast for 2025-2027 indicates net profits of 123 million yuan, 170 million yuan, and 231 million yuan, with corresponding PE ratios of 58X, 42X, and 31X [4][5]. Business Development - The company has deployed a comprehensive solution for distributed power forecasting across multiple provinces, aligning with new national standards [1]. - The "Kuangming" new energy model 2.0 iteration has improved forecasting accuracy by 1-1.5% in certain regions [2]. - The company is expanding its innovative business areas, including electricity trading and virtual power plants, leveraging AI to enhance trading strategies [3]. Market Outlook - The company is well-positioned to benefit from the ongoing transition towards renewable energy and the gradual implementation of market-oriented electricity trading systems in China [4]. - The traditional business of power forecasting is expected to yield long-term benefits as the country progresses towards its dual carbon goals [4].