Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a revenue of 3.475 billion RMB in H1 2025, representing a year-on-year growth of 40.51%. The net profit attributable to shareholders was 306 million RMB, up 24.38% year-on-year [1]. - The company reported a significant increase in Q2 2025 revenue, reaching 2.169 billion RMB, which is a 50.80% year-on-year increase and a 66.15% quarter-on-quarter increase [1]. - The company declared a mid-term dividend of 0.70 RMB per 10 shares, totaling 21.854 million RMB in cash dividends [1]. Revenue and Profitability Analysis - The gross margin for H1 2025 was approximately 20.99%, a decrease of 2.27 percentage points year-on-year. The net profit margin was about 8.82%, down 1.14 percentage points year-on-year [2]. - Revenue breakdown for H1 2025 includes: - Box transformer revenue of 1.866 billion RMB, up 16.13% year-on-year, with a gross margin of 20.69% - Complete switchgear revenue of 513 million RMB, up 91.03% year-on-year, with a gross margin of 13.16% - Transformer revenue of 568 million RMB, up 19.91% year-on-year, with a gross margin of 23.40% [2]. Future Projections - Revenue projections for 2025-2027 are estimated at 8.41 billion RMB, 10.32 billion RMB, and 11.93 billion RMB, with corresponding growth rates of 31%, 23%, and 16% [2]. - Net profit attributable to shareholders is projected to be 830 million RMB, 1.098 billion RMB, and 1.341 billion RMB for the years 2025-2027, with growth rates of 25%, 32%, and 22% respectively [2].
明阳电气（301291）：持续稳健增长，积极中期分红