锦浪科技（300763）：2022半年报点评：储能出货高增带动盈利显著提升

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][4]. Core Views - The company's revenue for the first half of 2025 reached 3.794 billion yuan, a year-on-year increase of 13.09%, while net profit attributable to shareholders was 602 million yuan, up 70.96% year-on-year [1]. - The significant growth in profit is attributed to the high increase in energy storage inverter shipments, optimization of customer structure, and ongoing cost reduction efforts [1]. - The revenue from energy storage inverters surged to 790 million yuan, reflecting a year-on-year growth of 313.51%, with a gross margin of 30.27%, an increase of 2.69 percentage points [1]. - The company plans to issue convertible bonds to raise no more than 1.677 billion yuan for projects related to distributed photovoltaic power stations and high-voltage, high-power grid-connected inverters [2]. - The expected revenue for 2025-2027 is projected to be 8.302 billion yuan, 9.819 billion yuan, and 11.283 billion yuan, representing year-on-year growth rates of 26.9%, 18.3%, and 14.9% respectively [3]. Summary by Sections Revenue and Profitability - The company achieved a revenue of 3.794 billion yuan in the first half of 2025, with a net profit of 602 million yuan, marking significant year-on-year growth [1]. - The gross margin for grid-connected inverters was 26.12%, up 7.62 percentage points year-on-year, while the gross margin for energy storage inverters was 30.27% [1]. Market Expansion and Future Prospects - The company is expected to enhance its production capacity significantly with the new projects, which will strengthen its competitive position in the inverter and distributed power station markets [2]. - The anticipated revenue growth for the next three years indicates a robust upward trend in the company's financial performance [3]. Financial Forecast - The forecasted net profit for 2025 is 1.187 billion yuan, with a year-on-year growth of 71.7%, and projected profits for 2026 and 2027 are 1.483 billion yuan and 1.789 billion yuan respectively [3].