Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Insights - The company reported a revenue of 193 million yuan for the first half of 2025, representing a year-on-year increase of 16.10%. The net profit attributable to the parent company was 5 million yuan, with a basic breakeven compared to a loss of 7 million yuan in the first half of 2024 [1]. - The core product, transformers, accounted for approximately 80% of total revenue in the first half of 2025, with a gross margin of over 30%. However, the overall gross margin decreased to 22.29% in Q2 2025 due to cost pressures from raw materials [2]. - The company is actively focusing on the Artificial Intelligence Data Center (AIDC) sector and has initiated research and development for Solid State Transformer (SST) solutions, which are expected to enhance efficiency and reliability in distribution architecture [3]. - The energy storage business is showing signs of reduced losses, with revenue from this segment increasing by 1509.13% year-on-year in the first half of 2025. The energy storage subsidiary's losses have decreased significantly compared to the previous year, indicating potential for future profitability [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 498 million, 587 million, and 694 million yuan, respectively, with growth rates of 32.2%, 17.8%, and 18.3%. The net profit attributable to the parent company is projected to be 58 million, 94 million, and 113 million yuan for the same years, reflecting substantial growth [4][6]. - The report indicates that the price-to-earnings (PE) ratios for 2025, 2026, and 2027 are expected to be 96X, 59X, and 49X, respectively, based on the closing price on August 26, 2025 [4][6].
新特电气（301120）：2025年半年报点评：储能业务持续减亏，数据中心领域加速布局