GoodWe Technologies (SH:688390) Changjiang Securities·2025-09-14 14:42Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 4.086 billion yuan for the first half of 2025, representing a year-on-year growth of 29.8%. The net profit attributable to the parent company was -0.17 billion yuan, indicating a reduction in losses. In Q2 2025, the revenue reached 2.204 billion yuan, with a year-on-year growth of 9.01% and a quarter-on-quarter growth of 17.09%. The net profit for Q2 was 0.11 billion yuan, showing a year-on-year increase of 129.02% and a return to profitability compared to the previous quarter [2][4]. Financial Performance - In Q2 2025, the company sold 400,000 inverters, including 366,000 grid-connected units and 33,000 storage units. The battery pack sales reached 0.21 GWh, and the household EPC was 0.65 GW. The sales of grid-connected inverters are expected to see a slight increase, while storage inverter sales are anticipated to improve significantly. The overall gross margin for Q2 was 20.36%, with a slight quarter-on-quarter increase of approximately 1 percentage point [8][4]. - The expense ratio for Q2 was 18.0%, a decrease of 1 percentage point from the previous quarter, primarily due to revenue growth and foreign exchange gains. However, the absolute value of expenses reached 400 million yuan, marking a historical high, driven by business expansion [8][4]. - The company expects significant improvements in storage shipments in Q3, supported by market expansion in Australia, Europe, and other regions. The company has established a comprehensive strategy for integrated energy solutions, indicating promising long-term growth potential [8][4]. Future Projections - The company is projected to achieve net profits attributable to the parent company of 300 million yuan and 660 million yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 47 and 21 times [8].