阿特斯（688472.SH）2025 年半年报点评 25Q2 业绩亮眼，储能成为新增长级 2025 年 08 月 24 日 事件：2025 年 8 月 21 日，公司发布 2025 年半年报。2025H1，公司实现营 业收入 210.52 亿元，同比-4.13%；归母净利润 7.31 亿元，同比-41.01%； 扣非归母净利润 8.36 亿元，同比-31.95%。2025H1，公司经营性净现金流 37.8 亿元，同比增长超 150%；计提信用及资产减值准备共 6.62 亿元，其中 计提资产减值损失 6.12 亿元，计提信用减值损失 0.50 亿元。 2025Q2，公司实现营业收入 124.67 亿元，同比+0.85%，环比+45.20%； 实现归母净利润 6.84 亿元，同比+3.51%，环比+1346.82%；实现扣非净利 润 7.49 亿元，同比+26.92%，环比+757.26%。 ➢ 组 件 坚持利润优先， 深耕 高 毛 利 市 场 。 2025H1， 公司组件销售 14.8GW，较去年同期基本持平，通过高毛利市场布局，光伏业务毛利率保 持健康状态；组件出货量排名前三的地区分别为中国、美洲、欧洲，其中 ...

Core Viewpoint - The company, Kelu Electronics, is expected to turn a profit in the first half of 2025, driven by overseas energy storage orders and a significant increase in revenue from its energy storage business, which has become a key growth driver [1][3][4]. Financial Performance - Kelu Electronics anticipates a net profit attributable to shareholders of 175 million to 225 million yuan for the first half of 2025, recovering from a loss of 39.67 million yuan in the same period last year [1][3]. - The company reported a 16.2% year-on-year increase in revenue for Q1 2025, reaching 1.214 billion yuan, with a net profit increase of 857.45% to 67.45 million yuan [2][3]. Business Segments - The company's business includes smart grid, energy storage, comprehensive energy management and services, and property and other businesses [2]. - The energy storage business has grown significantly, with revenue increasing from 233 million yuan in 2021 to 1.456 billion yuan in 2024, representing a growth of over 5 times [4]. Market Expansion - Kelu Electronics has accelerated its overseas market expansion, securing a 800 MWh order for containerized battery energy storage systems in the U.S. and collaborating on 485 MWh projects in Colombia and Chile [5]. - The company is establishing a localized sales and project management team in Chile, anticipating a doubling of energy storage deployment in the country to over 1 GWh by 2025 [5]. Strategic Developments - The company launched its first commercial application of the Aqua C2.5 energy storage system, with the first batch of 350 MWh shipped to overseas markets [6]. - Following the acquisition by Midea Group, Kelu Electronics has initiated the construction of a 3 GWh energy storage base in Indonesia, with the first phase expected to be operational by Q1 2026 [6].

Core Viewpoint - The company, Canadian Solar, reported a decline in revenue and profit for 2024 amid a challenging photovoltaic market, although it managed to remain profitable compared to peers who faced losses [3][4]. Financial Performance - In 2024, Canadian Solar recorded revenue of 46.165 billion yuan, a year-on-year decrease of 10.03%, and a net profit attributable to shareholders of 2.247 billion yuan, down 22.6% [3]. - For Q1 2025, revenue was 8.586 billion yuan, a decline of 10.54% year-on-year, with net profit dropping significantly by 91.83% to 47.258 million yuan [5]. Business Segments - The company's main business segments are photovoltaic and energy storage, with 31.1 GW of photovoltaic products and 6.5 GWh of energy storage products sold globally last year [5]. - The photovoltaic segment saw revenue of 31.483 billion yuan, down 25.62%, while the energy storage segment experienced a significant increase in revenue to 9.738 billion yuan, up 420.76% [7][9]. Price and Market Dynamics - The decline in revenue was primarily attributed to falling sales prices of photovoltaic components, with a price drop of approximately 30% in the first half of the year [8][9]. - The company faced challenges from increased competition and price wars in the photovoltaic industry, which affected overall performance [5][9]. Management Compensation - In response to the declining performance, the compensation for executives and key technical personnel was collectively reduced in 2024, with the CEO's pay decreasing by 3.57 million yuan [6]. International Operations - International revenue accounted for 77.6% of total revenue, with overseas income slightly increasing by 1.54% to 35.81 billion yuan, while domestic revenue fell by 36.6% to 9.603 billion yuan [11]. - The company has significant exposure to international markets, particularly in North America and Europe, and is facing risks related to trade policies and tariffs [11][12]. Strategic Measures - In light of tariff challenges, the company has proposed five strategic measures to mitigate impacts, including optimizing existing supply chains and negotiating cost-sharing with clients and suppliers [12].