GoodWe Technologies (SH:688390) Bank of China Securities·2025-09-08 01:17Investment Rating - The report maintains an "Overweight" rating for the company [1][5] Core Views - The company reported a significant reduction in losses year-on-year for the first half of 2025, with a turnaround to profitability in the second quarter [3][8] - The demand for the company's inverters remains strong, with notable sales growth in both grid-connected and energy storage inverters [8] - The Australian government's new subsidy policy for household energy storage systems is expected to drive high growth in the company's overseas inverter and battery pack business [8] Financial Summary - The company achieved a revenue of RMB 4.09 billion in the first half of 2025, representing a year-on-year growth of 29.80% [9] - The net profit attributable to the parent company for the first half of 2025 was a loss of RMB 0.17 billion, a reduction from the previous year's loss [8] - The company forecasts earnings per share (EPS) of RMB 1.17, RMB 1.94, and RMB 2.60 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 45.6, 27.5, and 20.5 [5][7] Sales Performance - The company sold 399,500 inverters in the first half of 2025, a year-on-year increase of 43.45% [8] - The sales of energy storage batteries reached 214.47 MWh, marking a growth of 62.65% compared to the previous year [8] Market Outlook - The report highlights the potential for significant growth in the Southeast Asian market for energy storage solutions, alongside the positive impact of the Australian subsidy policy [8]