Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 4.52 billion yuan for H1 2025, representing a year-on-year growth of 22.7%. The net profit attributable to shareholders was 320 million yuan, up 12.1% year-on-year. However, the net profit excluding non-recurring items decreased by 8.4% to 260 million yuan [2][4]. - In Q2 2025, the company achieved a revenue of 2.97 billion yuan, which is a 27.2% increase year-on-year and a significant 92.1% increase quarter-on-quarter. The net profit for Q2 was 220 million yuan, showing a year-on-year growth of 79.3% and a quarter-on-quarter growth of 136.5% [2][4]. Financial Performance - For H1 2025, the company's energy storage system revenue was 4.512 billion yuan, with a gross margin of 17.58%, a decrease of 1.44 percentage points year-on-year. The overseas revenue reached 298 million yuan, with a gross margin of 36.24%, indicating initial profitability elasticity from international markets [11]. - The Q2 gross margin was 16.95%, down 1.72 percentage points from the previous quarter, while the expense ratio was 7.26%, showing a decrease of 1.24 percentage points year-on-year and 4.43 percentage points quarter-on-quarter [11]. Future Outlook - The company is expected to achieve net profits of 900 million yuan in 2025 and 1.3 billion yuan in 2026, driven by increased domestic independent energy storage and higher overseas shipment ratios [6][11]. - The domestic energy storage market is anticipated to grow significantly due to improved business models, while international markets, particularly in Europe and Southeast Asia, are expected to see substantial demand growth [11].
海博思创（688411）：2025年中报点评：销量同环比高增，出海弹性初步体现