点击注册小程序 查看完整报告 特别申明： 氢氨醇：1月30日，中共中央政治局就前瞻布局和发展未来产业进行了集体学习。"十五五"期间，基于中 国未来产业、26年欧盟碳关税双重利好加持下，看好氢氨醇统筹、规模化、超前建设，碳、氢等相关政 策、也可与化工板块形成轮动； 太空光伏：讨论技术和基本面意义不大，当前市场流动性充裕，且商业航天是主线之一、光伏板块机构持 仓较低，相关行情或将具有一定持续性； 权重股反弹：经过一段时间整体调整后，权重股标的股价均有一定性价比，具有一定配置价值。 （2）可持续波段性操作： AIDC电源：关注国产算力机会，看好国内AIDC建设，亦可配合AI应用形成板块轮动；海外层面HVDC方 案放量、SST技术合作进展有望兑现； 户储：英国150亿英镑"温暖家庭计划"预计到2030年将新增安装300万户的光伏，叠加美国极端天气、澳洲 户储补贴政策等催化，板块估值有望持续提升； 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限 ...

Core Viewpoint - Hekang New Energy (合康新能) expects a net profit attributable to shareholders of 50 million to 75 million yuan in 2025, representing a year-on-year growth of 385.62% to 628.43% [1] Group 1: Performance Drivers - The company attributes the performance increase to three main factors: first, the rapid growth in its photovoltaic EPC (Engineering, Procurement, and Construction) business due to enhanced resource accumulation and industry experience, leading to increased revenue and profit [1] - Second, the household energy storage (户储) business is still in the cultivation stage, with the company focusing on product development and market capability enhancement, while also increasing investment in R&D and expanding its overseas sales network [1] - Third, the impact of non-recurring gains and losses on net profit for 2025 is estimated to be around 50 million yuan [1]

格隆汇1月21日丨合康新能(300048.SZ)公布，预计2025年归属于上市公司股东的净利润5,000万元～ 7,500万元，比上年同期增长385.62%～628.43%，扣除非经常性损益后的净利润800万元～1,200万元， 比上年同期增长4.75%～57.13%。 1、报告期内，公司依托自身资源积淀与行业经验，加大光伏EPC业务布局与市场拓展，推动该业务实 现快速增长，营业收入及利润攀升。2、报告期内，户储业务仍处于培育阶段，公司聚焦产品研发与市 场能力建设，持续加大户储业务研发投入，加速拓展海外销售网络。3、公司2025年的非经常性损益对 净利润的影响金额约为5,000万元。 ...

Core Insights - Company achieved revenue of 3.794 billion yuan in H1 2025, a year-on-year increase of 13.09%, and a net profit of 602 million yuan, up 70.96% [1] - In Q2 2025, revenue reached 2.276 billion yuan, growing 16.25% year-on-year and 50% quarter-on-quarter, with net profit of 407 million yuan, a year-on-year increase of 22.75% and a quarter-on-quarter increase of 109.27% [1] Inverter Business - In H1 2025, inverter sales reached 466,000 units, with expected growth in both grid-connected and energy storage inverters in Q2 [2] - The gross margin for grid-connected inverters was 26.1%, up 7.6 percentage points year-on-year, while energy storage inverters had a gross margin of 30.3%, an increase of 2.7 percentage points year-on-year [2] - The previous year's H1 gross margins were lower due to raw material procurement timing, which has now normalized [2] Power Station Business - Revenue from the power station business in H1 2025 was 1.11 billion yuan, with a slight year-on-year increase, and expected revenue growth in Q2 due to peak generation season [2] - The gross margin exceeded 55% in H1 2025, with a slight year-on-year decline, but Q2 margins are expected to remain strong due to scale effects [2] Financial Metrics - The expense ratio for H1 2025 was 19.5%, with Q2 at 18.7%, showing a decrease of 2.0 percentage points quarter-on-quarter and 1.6 percentage points year-on-year, marking the lowest level since Q3 2023 [2] - The reduction in expense ratio is attributed to effective cost control and increased revenue scale [2] - In Q2, asset impairment of 17 million yuan and credit impairment of 14 million yuan impacted profit release [2] Future Outlook - Company anticipates maintaining a relatively full production schedule, with European demand potentially fluctuating due to holidays, while Australia and Asia-Africa-Latin America show strong performance [3] - The company expects industrial storage to double year-on-year over the next two years, with revenue gradually catching up to household storage [3] - Household storage is also projected to continue steady growth [3] Profit Forecast - Company is expected to achieve profits of 1.3 billion yuan and 1.6 billion yuan in 2025 and 2026, respectively, corresponding to PE ratios of 20 and 16 [4]