GCLET(SZ:002015) Guohai Securities·2025-09-03 14:52Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][7]. Core Insights - The company achieved a revenue of 5.42 billion yuan in H1 2025, representing a year-on-year increase of 15.3%, and a net profit attributable to shareholders of 520 million yuan, up 26.4% year-on-year [3][7]. - In Q2 2025, the revenue was 2.49 billion yuan, with a year-on-year growth of 8.8%, and a net profit of 270 million yuan, reflecting a 19.1% increase year-on-year [3][7]. - The significant growth in energy service revenue, which surged by 379% to 1.08 billion yuan, is attributed to the ongoing development of distributed photovoltaic projects and the expansion of energy trading services [7]. - The company has partnered with Ant Group to leverage blockchain technology, successfully completing the first domestic issuance of RWA based on photovoltaic assets, enhancing asset liquidity [7]. - The establishment of a joint venture "Ant Xinneng" with Ant Group focuses on AI technology applications in smart operation of power stations, optimization of electricity trading strategies, and collaborative control of virtual power plants [7]. Financial Projections - The company is projected to achieve revenues of 10.13 billion yuan, 10.68 billion yuan, and 11.17 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 850 million yuan, 970 million yuan, and 1.08 billion yuan for the same years [9][10]. - The expected P/E ratios for 2025, 2026, and 2027 are 24, 21, and 19 respectively [9][10].