通润装备（002150）：Q2稳健增长，新老市场并进

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 1.709 billion yuan for H1 2025, representing a year-on-year growth of 6.33%. The net profit attributable to the parent company was 97 million yuan, up 26.32% year-on-year. In Q2 2025, the revenue was 901 million yuan, showing a year-on-year decline of 2.34% but a quarter-on-quarter increase of 11.58%. The net profit for Q2 was 79 million yuan, reflecting a year-on-year growth of 27.96% and a significant quarter-on-quarter increase of 331.33% [2][4]. Financial Performance - For H1 2025, the company's revenue from solar storage inverters was 930 million yuan, growing by 7% year-on-year, while revenue from energy storage products surged by 149% year-on-year to 120 million yuan. The gross margin for solar storage inverters was 33.1%, up 2.5 percentage points year-on-year, while the gross margin for energy storage products was 28.1%, down 14.9 percentage points year-on-year [8]. - The metal products business generated a revenue of 650 million yuan in H1 2025, down 5% year-on-year, with a gross margin of 25.7%, a decrease of 2.6 percentage points year-on-year. The company is gradually relocating metal product production capacity to Thailand to enhance profitability [8]. - The company’s operating expense ratio for Q2 2025 was 19.1%, down 2.1 percentage points quarter-on-quarter, indicating improved operational efficiency. The inventory at the end of Q2 was 1.32 billion yuan, reflecting a 1.5% quarter-on-quarter increase and a historical high [8]. Market Outlook - The company aims to consolidate its advantages in the North American and Japanese markets while expanding into Europe, Asia, Africa, and Latin America. The North American market is expected to benefit from the company's production capacity in Thailand, which will help mitigate tariff impacts. In Europe, the company plans to leverage its product advantages and synergies with the Chint Group to expand its market presence [8]. - The company forecasts profits of 300 million yuan and 400 million yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 15 and 11 times [8].