晶科能源（688223）：高效组件占比提升，储能放量在即

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 31.83 billion yuan in H1 2025, a year-on-year decrease of 32.63%, and a net profit attributable to shareholders of -2.91 billion yuan [1] - The company remains the industry leader in shipment volume, with a cumulative shipment of approximately 200GW for the N-type TigerNeo series high-efficiency modules, which is expected to generate a premium of 0.5-1 cent per watt due to better power generation benefits [2][3] - The company is expanding its global presence, with overseas shipments accounting for about 60% in H1 2025, and the energy storage business is expected to ramp up, with projected shipments of 6GWh for the year [3] Financial Forecasts - Revenue projections for 2025-2027 are 66.62 billion yuan, 85.64 billion yuan, and 96.92 billion yuan respectively, with net profits expected to be -3.87 billion yuan, 2.47 billion yuan, and 4.06 billion yuan [4][9] - The company is expected to achieve a PE ratio of 23x in 2026 and 14x in 2027 based on the closing price on August 29 [4][9]