Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant revenue growth of 40.5% year-on-year, achieving a total revenue of 3.47 billion yuan in the first half of 2025. The net profit attributable to shareholders reached 310 million yuan, reflecting a year-on-year increase of 24.4% [2][4]. - In Q2 2025, the company recorded a revenue of 2.17 billion yuan, marking a 50.8% increase year-on-year, with a net profit of 190 million yuan, up 24.0% year-on-year [2][4]. - The growth in revenue is primarily driven by the rapid expansion in the renewable energy and data center sectors, with notable progress in data center business orders during the reporting period [10]. Financial Performance - The company's revenue by segment in the first half of 2025 includes: - Box-type substations: 1.866 billion yuan, up 16.1% year-on-year - Transformers: 568 million yuan, up 19.9% year-on-year - Complete switchgear: 513 million yuan, up 91.0% year-on-year - Other revenues: 469 million yuan, up 502.0% year-on-year [10]. - The gross profit margin for the first half of 2025 was 20.99%, a decrease of 1.75 percentage points year-on-year. In Q2 2025, the gross profit margin was 20.51%, down 2.37 percentage points year-on-year [10]. - The company’s total inventory at the end of Q2 2025 was 1.221 billion yuan, an increase of 16.6% year-on-year, while contract assets reached 342 million yuan, up 21.0% year-on-year [10]. Future Outlook - The company is expected to achieve a net profit attributable to shareholders of approximately 876 million yuan in 2025, corresponding to a price-to-earnings ratio of about 16 times [10]. - The company is actively pursuing a dual strategy of "indirect overseas expansion + global layout," and has begun engaging with leading European wind turbine manufacturers [10].
明阳电气（301291）：营收增速亮眼，新能源与数据中心等下游或有显著贡献