Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant improvement in gross margin in Q2, with expectations for greater profit elasticity in Q3. The H1 2025 revenue reached 1.807 billion yuan, a year-on-year increase of 14.09%, and the net profit attributable to the parent company was 142 million yuan, up 37.65% year-on-year [2][4]. Financial Performance - In H1 2025, the company achieved revenue of 1.807 billion yuan, with a net profit of 142 million yuan. In Q2 2025, revenue was 1.008 billion yuan, reflecting a year-on-year growth of 12.09% and a quarter-on-quarter increase of 26.21%. The net profit for Q2 was 96 million yuan, up 38.8% year-on-year and 108.58% quarter-on-quarter [2][4][9]. - The gross margin for Q2 was 36.5%, an increase of 6.5 percentage points from the previous quarter, indicating a notable improvement [9]. - The company’s expenses for Q2 were 269 million yuan, with a period expense ratio of 26.9%, which increased by 0.9 percentage points quarter-on-quarter [9]. Product Revenue Breakdown - The revenue from household storage (including battery packs) was 1.09 billion yuan with a gross margin of 35%. The revenue from industrial storage (including battery packs) was 250 million yuan with a gross margin of 37%. The revenue from grid-connected inverters was 370 million yuan with a gross margin of 22%, and accessory revenue was 90 million yuan with a gross margin of 51% [9]. Future Outlook - The company is expected to show significant profit elasticity in Q3 due to market expansion in Australia and further development in Asia, Africa, and Latin America. The company anticipates achieving new highs in performance over the next two years, with potential upward revisions in revenue and profit for the year [9]. - The company forecasts net profits of 450 million yuan and 670 million yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 30 and 20 times [9].
艾罗能源（688717）：Q2毛利率显著改善，Q3利润弹性更值得期待