StarPower(SH:603290) Guoxin Securities·2025-08-28 15:22Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved significant growth in both revenue and net profit in 2Q25, with revenue reaching 1.016 billion yuan (YoY +39.55%, QoQ +10.57%) and net profit at 172 million yuan (YoY +53.15%, QoQ +65.61%) [1] - The company's new energy business saw a year-on-year revenue increase of 52.82% in 1H25, driven by strong demand in the automotive and photovoltaic sectors [2] - The company is advancing in silicon carbide (SiC), gallium nitride (GaN), and microcontroller unit (MCU) technologies, which are expected to open new growth opportunities [3] Summary by Sections Financial Performance - In 1H25, the company's revenue from the new energy sector was 1.213 billion yuan, with the electric vehicle segment growing by 25.80% year-on-year [2] - The company reported a gross margin of 29.16% in 2Q25, reflecting a slight decrease from the previous year [1] Product Development - The company has successfully launched multiple production models for its automotive-grade SiC modules and is ramping up its 6-inch SiC production line [3] - The automotive-grade GaN driver modules are expected to enter the vehicle application phase by 2026 [3] Market Outlook - The company is well-positioned for growth in overseas markets and has adjusted its expense ratio slightly, projecting net profits of 620 million yuan, 743 million yuan, and 899 million yuan for 2025-2027 [3] - The company maintains a favorable outlook on its diversified product line and market expansion strategies [3]