林洋能源（601222）：电表稳步增长，海外开拓加速

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 7.8 billion, 9.0 billion, and 10.8 billion respectively, corresponding to PE ratios of 16, 14, and 12 [4]. Core Insights - The company reported a revenue of 2.48 billion yuan for the first half of 2025, a year-on-year decline of 28.4%, and a net profit attributable to shareholders of 320 million yuan, down 45.9% year-on-year [2]. - The electric meter business showed steady growth with a revenue of 1.43 billion yuan, up 24.2% year-on-year, although the gross margin decreased by 4.00 percentage points to 34.9% [3]. - The sales of power stations experienced a significant decline, with revenue dropping 91.3% to 83 million yuan, primarily due to the slowdown in project transfers following the implementation of policy "136" [4]. - The company is accelerating its storage planning and development, with a total planned capacity exceeding 3.7 GWh, and has made significant progress in overseas markets, achieving contract amounts exceeding 500 million yuan [4]. Summary by Sections Performance Review - In Q2, the company achieved a revenue of 1.36 billion yuan, a year-on-year decline of 28.9%, but a quarter-on-quarter increase of 20.8% [2]. - The net profit for Q2 was 200 million yuan, down 47.4% year-on-year, but up 62.1% quarter-on-quarter [2]. Operational Analysis - The electric meter segment's overseas sales increased significantly, with a nearly 50% year-on-year growth, driven by partnerships with leading global companies [3]. - The company is expanding its market share in Western Europe and the Asia-Pacific region, with a focus on emerging markets like Romania [3]. Sales and Project Development - The company has over 1,225 MW of projects under construction and has initiated projects exceeding 495 MW, with a grid-connected capacity of over 200 MW [4]. - The company expects a gradual recovery in power station transfer business in the second half of the year as policy details are implemented [4]. Profit Forecast and Valuation - The projected net profits for the company are expected to grow from 7.8 billion in 2025 to 10.8 billion in 2027, with corresponding PE ratios decreasing over the years [4].