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许继电气(000400):Q2业绩回暖,直流业务快速增长
XJECXJEC(SZ:000400) CMS·2025-09-01 09:03

Investment Rating - The report maintains a rating of "Buy" for the company [3] Core Views - The company experienced a recovery in Q2 performance, with significant growth in its DC transmission business [7] - The company is expected to see an increase in revenue and profit in the coming years, driven by advancements in technology and market expansion [7] Financial Performance Summary - For H1 2025, the company reported revenue of 6.447 billion yuan, a decrease of 5.68% year-on-year, while net profit attributable to shareholders was 633.92 million yuan, an increase of 0.96% [7][8] - In Q2 2025, the company achieved revenue of 4.099 billion yuan, a year-on-year increase of 1.81%, and net profit of 426 million yuan, up 9.12% [7] - The gross margin improved to 23.75% in H1 2025, up 2.85 percentage points year-on-year [7] Business Segment Performance - The DC transmission system revenue doubled, reaching 460 million yuan, with a gross margin of 40.76% [7] - The smart distribution system generated revenue of 1.847 billion yuan, down 13.01% year-on-year, but with an improved gross margin of 26.93% [7] - The company maintained a leading position in the electric meter business, ranking first in market share for state grid projects [7] Future Outlook - The company is expected to achieve net profits of 1.404 billion yuan and 1.681 billion yuan for 2025 and 2026, respectively, corresponding to valuation multiples of 17 and 14 times [7]