业绩筑底回升，输变电与新能源能否共振？

Core Viewpoint - The worst period for the company is likely over, with signs of recovery in profitability and stability in revenue growth [1][13]. Business Performance - Since 2019, the company's performance has been volatile, with ROE showing a "V" shape [4][5]. - The company's major business segments include traditional energy and new energy services, divided into four main areas: power transmission and transformation, new energy, energy, and new materials [7]. Revenue Breakdown - The company's revenue sources are diverse, with significant contributions from: - Electrical equipment products: 13.366 billion (27.62%) - Coal: 8.832 billion (18.25%) - Wires and cables: 7.843 billion (16.20%) - New energy industry and supporting projects: 6.315 billion (13.05%) - Power generation: 3.463 billion (7.16%) [9]. Market Conditions - In 2021-2022, the market experienced a surge in polysilicon and coal prices, leading to a significant increase in the company's profits [10]. - However, in 2023-2024, the decline in polysilicon prices and the drop in coal prices resulted in a substantial decrease in profits, with consecutive double-digit declines [10]. Recent Developments - In the first half of this year, the company's non-recurring net profit decreased by 5.3%, while the net profit attributable to the parent company increased by 5%, with revenue remaining stable, showing a year-on-year growth of 1.1% [12]. - Notably, in Q2 2025, the company saw a significant turnaround in profit growth, with net profit attributable to the parent company and non-recurring net profit increasing by 52% and 29% year-on-year, respectively [12].