Core Insights - The company reported a revenue of 5.535 billion yuan for H1 2025, representing a year-on-year growth of 16.58%, with a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% [1] Group 1: Inverter Business - In H1 2025, the inverter business generated revenue of 2.64 billion yuan, a 14% increase year-on-year, with sales of 763,800 units, including 272,700 units for household storage and 42,900 units for commercial storage, both showing significant growth [2] - The gross margin for inverters reached 48%, driven by an increase in high-margin storage products and the company's product and cost advantages [2] Group 2: Battery Pack Business - The battery pack segment achieved revenue of 1.42 billion yuan in H1 2025, marking an 86% year-on-year increase, with a stable gross margin of 35% expected in Q2 [2] Group 3: Other Businesses - The dehumidifier segment reported revenue of 410 million yuan, a 10% decline year-on-year, while maintaining a gross margin of 36% [2] - The heat exchanger segment saw revenue drop to 870 million yuan, an 18% decrease, primarily due to reduced demand from downstream customers [2] Group 4: Financial Metrics - The company maintained a low expense ratio of 7.1% in Q2, benefiting from effective cost control and revenue growth [3] - As of the end of Q2, inventory reached 1.51 billion yuan, a 12% increase quarter-on-quarter, indicating a positive operational trend [3] Group 5: Future Outlook - The company is positioned to benefit from rapid growth in household and commercial storage in emerging markets and Europe, leveraging its product, cost, and channel advantages [3] - The company expects stable production of storage inverters in the coming months, with Q3 shipments anticipated to show quarter-on-quarter growth [3] Group 6: Profit Forecast - The company is projected to achieve net profits of 3.5 billion yuan and 4.3 billion yuan for 2025 and 2026, respectively, corresponding to P/E ratios of 20 and 16 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a steady growth in Q2 2025, with revenue reaching 5.535 billion yuan, a year-on-year increase of 16.58%, and a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% year-on-year [2][4]. - In Q2 2025, the company achieved revenue of 2.969 billion yuan, reflecting a year-on-year growth of 3.65% and a quarter-on-quarter increase of 15.7%. The net profit for the same period was 817 million yuan, showing a year-on-year increase of 1.72% and a quarter-on-quarter growth of 15.74% [2][4]. - The company is positioned as a leader in household and commercial energy storage, benefiting from rapid growth in emerging markets and maintaining high profitability levels [8]. Financial Performance - In H1 2025, the company's inverter business generated revenue of 2.64 billion yuan, a year-on-year increase of 14%, with sales of 763,800 units, including 272,700 units for household storage and 42,900 units for commercial storage [8]. - The battery pack business reported revenue of 1.42 billion yuan in H1 2025, marking an impressive year-on-year growth of 86% [8]. - The company's gross margin for inverters was 48% in H1 2025, supported by a higher proportion of high-margin energy storage products and cost advantages [8]. Market Outlook - The company is expected to continue enjoying rapid growth in household and commercial energy storage in emerging markets, with stable production and increased shipments anticipated in Q3 2025 [8]. - The forecast for net profit in 2025 and 2026 is 3.5 billion yuan and 4.3 billion yuan, respectively, corresponding to price-to-earnings ratios of 20 and 16 times [8].