Linyang Energy(SH:601222) EBSCN·2025-09-08 06:15Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for H1 2025 was 2.481 billion yuan, a year-on-year decrease of 28.35%, with a net profit of 324 million yuan, down 45.88% [1] - The smart meter business showed stable growth with a revenue of 1.427 billion yuan in H1 2025, up 24.15% year-on-year, despite a decline in gross margin [2] - The energy storage business faced challenges with a revenue drop of 72.01% to 207 million yuan in H1 2025, but significant progress was made in overseas markets [2] - The renewable energy business experienced a substantial revenue decline of 91.27% to 83 million yuan in H1 2025, although operational capacity in renewable energy maintenance increased [3] - The company is expected to achieve net profits of 787 million yuan, 860 million yuan, and 974 million yuan for 2025, 2026, and 2027 respectively, with a downward adjustment in profit forecasts for 2025-2026 [3] Summary by Sections Financial Performance - H1 2025 revenue was 2.481 billion yuan, down 28.35% year-on-year; net profit was 324 million yuan, down 45.88% [1] - Q2 2025 revenue was 1.358 billion yuan, down 28.89%; net profit was 200 million yuan, down 47.37% [1] Smart Meter Business - Revenue for smart meters in H1 2025 was 1.427 billion yuan, up 24.15% year-on-year; gross margin was 34.90%, down 4 percentage points [2] - The company won contracts worth approximately 165 million yuan in domestic tenders [2] - The overseas market expansion is ongoing, with significant partnerships and market share growth in regions like Poland [2] Energy Storage Business - Revenue for energy storage in H1 2025 was 207 million yuan, down 72.01%; gross margin was 8.99%, down 11.08 percentage points [2] - The company is developing multiple projects in China with a planned capacity of over 3.7 GWh for the second half of 2025 [2] - Breakthroughs in overseas markets include contracts exceeding 50 million yuan and significant equipment deliveries [2] Renewable Energy Business - Revenue from renewable energy sales in H1 2025 was 83 million yuan, down 91.27%; gross margin increased to 54.53%, up 38.15 percentage points [3] - The company has over 1,225 MW of projects under construction and has successfully connected wind projects to the grid [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 787 million yuan, 860 million yuan, and 974 million yuan respectively, reflecting a downward adjustment of 43% and 47% for 2025 and 2026 [3] - The current stock price corresponds to a PE ratio of 16, 15, and 13 for 2025, 2026, and 2027 respectively [3]