Smarter Energy(SH:600869) China Post Securities·2025-09-03 08:23Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [9]. Core Views - The company has shown robust growth in its revenue and net profit for the first half of 2025, with revenue reaching 12.98 billion yuan, a year-on-year increase of 14.4%, and a net profit of 140 million yuan, up 210.6% year-on-year [3]. - The company is focusing on a dual strategy of "Electricity + Computing Power + AI," aiming to strengthen its position in the power supply sector while expanding into AI and robotics [3]. - The smart cable network business has seen significant growth, with revenue of 11.49 billion yuan in the first half of 2025, a year-on-year increase of 11.6%, and a net profit of 270 million yuan, up 75.8% year-on-year [5]. - The smart battery segment is expected to further reduce losses, with revenue of 690 million yuan in the first half of 2025, a year-on-year increase of 40.1%, and a net loss of 190 million yuan, a reduction of 153 million yuan in losses compared to the previous year [6]. Summary by Sections Company Overview - The latest closing price is 6.69 yuan, with a total market capitalization of 14.8 billion yuan and a total share capital of 2.219 billion shares [2]. Financial Performance - In Q2 2025, the company reported revenue of 8.1 billion yuan, with a quarter-on-quarter increase of 66.2%, and a net profit of 100 million yuan, up 112.4% quarter-on-quarter [3]. - The company's gross margin and net margin for the first half of 2025 were 9.4% and 1.1%, respectively, with a decrease in sales expense ratio but a decline in management, financial, and R&D expense ratios [4]. Business Segments - The smart cable network business is expected to enhance profitability with new high-voltage cable projects and significant orders in the nuclear cable sector [5]. - The smart battery business is actively expanding overseas and is expected to benefit from the ongoing reforms in the energy sector [6]. - The smart airport business has also shown substantial growth, with revenue of 750 million yuan in the first half of 2025, a year-on-year increase of 37.5% [8]. Earnings Forecast - The company is projected to achieve revenues of 29.74 billion yuan, 33.90 billion yuan, and 38.36 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 530 million yuan, 830 million yuan, and 1.22 billion yuan [9].