利元亨（688499）：2025年中报点评：实现扭亏为盈，固态电池设备布局完善

Investment Rating - The report maintains an "Add" rating for the company [1] Core Insights - The company achieved profitability in the first half of 2025, with a net profit of 0.33 billion yuan, marking a significant recovery from previous losses [7] - The company's revenue for the first half of 2025 was 1.529 billion yuan, a year-on-year decrease of 17.5%, primarily due to a strategic reduction in low-margin orders [7] - The gross margin improved to 29.2%, up 2.6 percentage points year-on-year, indicating enhanced profitability [7] - The company has successfully developed a complete line of solid-state battery equipment and has begun deliveries to major clients [7] - The company is focusing on the photovoltaic equipment sector, particularly in the upstream processes, and is advancing research in perovskite technology [7] Financial Summary - Revenue projections for the company are as follows: 2,482 million yuan in 2024, 3,244 million yuan in 2025, 3,866 million yuan in 2026, and 4,437 million yuan in 2027 [1][8] - The net profit forecast for the company is adjusted to 0.74 billion yuan for 2025, 1.4 billion yuan for 2026, and 1.8 billion yuan for 2027 [7] - The earnings per share (EPS) is projected to be -6.19 yuan in 2024, 0.44 yuan in 2025, 0.86 yuan in 2026, and 1.09 yuan in 2027 [8] - The company's price-to-earnings (P/E) ratio is expected to be 132.03 for 2025, 67.16 for 2026, and 53.03 for 2027 [1][8]