国能日新（301162）：功率预测业务开始加速，全年高增长可期

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 62.64 CNY based on a projected P/E ratio of 54 for 2025 [4][8]. Core Insights - The company's revenue for the first half of 2025 reached 321 million CNY, representing a year-on-year increase of 43.2%, with a net profit attributable to the parent company of 45.97 million CNY, up 53.5% [1]. - The rapid growth in the company's power forecasting business is expected to continue, driven by a surge in new energy installations, with a 55.1% increase in revenue from this segment in the first half of 2025 [7]. - The overall gross margin for the first half of 2025 was 61.4%, down 5.8 percentage points from the previous year, but is anticipated to rebound in the second half as service revenues from new clients begin to contribute [7]. Financial Summary - The company’s projected financials indicate a revenue increase from 456 million CNY in 2023 to 1.333 billion CNY by 2027, with a compound annual growth rate (CAGR) of 22.9% [3]. - Net profit is expected to grow from 84 million CNY in 2023 to 318 million CNY in 2027, reflecting a CAGR of 29.7% [3]. - The earnings per share (EPS) is projected to rise from 0.64 CNY in 2023 to 2.40 CNY in 2027 [3]. Business Performance - The company experienced a significant increase in its power forecasting business, with a revenue of 205 million CNY in the first half of 2025, marking a 55.1% increase year-on-year [7]. - The company’s operating profit is expected to grow from 83 million CNY in 2023 to 343 million CNY in 2027, with a notable increase of 69.9% in 2025 [3]. - The gross margin for the power forecasting business specifically decreased to 61.6% in the first half of 2025, but is expected to recover as service revenues increase [7].