1H25 业绩基本符合市场预期 公司公布1H25 业绩：公司1H25 收入15.4 亿元，同比-0.39%；归母净利润2864 万元，同比-23.0%； 2Q25 收入8.76 亿元，同比-0.6%，归母净利润2527 万元，同比-55.2%。1H25 业绩基本符合市场预期。 RWA 迎历史性发展机遇，看好公司乘势而上。2024 年8 月，公司与蚂蚁数科合作在香港完成全国首单 基于新能源资产的RWA，以新电途平台上的部分充电桩作为锚定资产。我们认为新能源RWA 为众多优 质新能源资产提供了创新的融资方式；随着电力市场加速，公司有望链接服务更多的风光储充等新能源 资产，帮助广大中小运营商盘活存量资产，形成"融资-运营-收益"的良性循环。 盈利预测与估值 考虑电力市场建设明显提速，我们上调25/26 年盈利预测26.1%/30.9%至4.27/5.76 亿元，当前股价对应 25/26 年58.2x /43.1x P/E。维持跑赢行业评级，考虑AI 大模型投入打开远期业绩释放空间，叠加RWA 带 动估值中枢上移，切换估值至26 年，上调目标价70.5%至24.9 元，对应26 年46.7xP/E，隐含8.4%的上行 ...

证券代码：300682 证券简称：朗新集团 朗新科技集团股份有限公司 投资者关系活动记录表 | 投资者关系 | 特定对象调研 电话会议 | | --- | --- | | 活动类别 | | | 参与单位名 | 鹏华基金、诺德基金、朱雀基金、中金公司、中信建投、华泰 | | 称及人员姓 | 证券、天风证券、民生证券、长江证券、开源证券、国金证 | | | 券、华西证券等多家券商及投资机构人员参加了本次沟通交流 | | 名 | 会，参会人员共计 90 余人。 | | 时间 | 年 月 日 2025 8 21 20:30~21:30 | | 地点 | 电话会议 | | 上市公司接 | 董事会秘书王慎勇 | | 待人员姓名 | 投资者关系总监王彬彬 | | | 证券事务代表王利 | | | 会议主要交流内容： | | | 董秘王慎勇先生首先对公司 2025 年半年度业绩情况及业务 进展向投资者做了总体介绍： | | | 朗新科技集团聚焦能源数智化、能源互联网双轮发展战 | | 投资者关系 | 略，致力于成为一家 AI 驱动、Web3.0 赋能的领先的能源科技 | | 活动主要内 | 企业，通过构建链接海量电力负荷用户 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price raised to RMB 17.76 [1][9]. Core Insights - The company faced performance pressure in 2024 due to the divestment of non-core businesses, but is expected to see significant growth in 2025 driven by its dual development strategy in energy digitalization and energy internet, along with enhanced ecosystem partnerships and AI-enabled applications [1][9]. - In 2024, the company reported total revenue of RMB 4.48 billion, a decrease of 5.24% year-on-year, and a net loss attributable to shareholders of RMB 250 million, primarily due to the impact of divesting loss-making businesses [9][10]. - The first quarter of 2025 showed promising results with revenue of RMB 667 million, a slight decline of 0.12% year-on-year, but a net profit of RMB 3 million, indicating a turnaround from the previous year's losses [9][10]. Financial Summary - The company’s projected financials for 2025-2027 include revenues of RMB 5.17 billion, RMB 6.08 billion, and RMB 6.93 billion respectively, with expected net profits of RMB 480 million, RMB 604 million, and RMB 727 million [3][5]. - The earnings per share (EPS) are projected to be RMB 0.44, RMB 0.56, and RMB 0.67 for 2025, 2026, and 2027 respectively, with a price-to-earnings (PE) ratio of 40 assigned for 2025 [3][9]. - The company’s gross profit margin is expected to improve from 41% in 2024 to 43% by 2027, reflecting operational efficiency [6]. Strategic Focus - The company is focusing on energy digitalization and energy internet development, leveraging over 27 years of experience in the power energy sector, and is collaborating with Ant Group to enhance its ecosystem [10][11]. - The establishment of an AI research institute in 2023 marks a strategic shift towards AI-driven operations, with applications in power market trading forecasts and energy intelligent applications [11][10].

Core Viewpoint - The company is expected to face performance pressure in 2024 due to the divestiture of non-core businesses, but is projected to experience long-term growth driven by dual development in energy digitalization and energy internet, along with strengthened ecological cooperation and AI-enabled new applications [1] Investment Highlights - The investment recommendation is maintained at "Buy" with a target price raised to 17.76 yuan (+2.39). The expected EPS for 2025-2027 is 0.44 (-0.20), 0.56 (-0.19), and 0.67 yuan respectively. The average PE for comparable companies in 2025 is 29.09X. Given the company's focus on dual development strategy and accelerated performance growth through AI-enabled platform electricity trading, a 40 times PE is assigned for 2025, corresponding to the target price of 17.76 yuan, maintaining the "Buy" rating [2] - In 2024, the company is expected to face performance pressure with total revenue of 4.479 billion yuan, a year-on-year decrease of 5.24%. The net profit attributable to shareholders is projected to be -250 million yuan, compared to 604 million yuan in the same period of 2023, primarily due to the divestiture and restructuring losses of non-core businesses, leading to goodwill and inventory impairments and one-time financial impacts. In Q1 2025, the company achieved revenue of 667 million yuan, a slight decrease of 0.12% year-on-year, but turned a profit with a net profit of 3 million yuan, an increase of 22 million yuan year-on-year, with a gross margin of 48.39%, up 3.18 percentage points [2][3] Strategic Focus - The company continues to focus on dual development in energy digitalization and energy internet, collaborating with Ant Group to build a strong ecosystem. With over 27 years in the electric energy sector, the company is seizing new opportunities from electricity market reform and the construction of new power systems. Since 2013, the company has partnered with Ant Group to develop life payment service scenarios, and by the end of 2024, Ant Group will be the company's second-largest shareholder. Additionally, the company is closely cooperating with Ant Group in digital payment and technology, expanding services in countries like Indonesia and the Philippines [3] - The company is fully embracing the AI era, shifting from customer-driven to AI-driven business. Significant investments are being made in AI research and applications, with the establishment of an AI research institute in 2023 focusing on three main areas: electricity market trading prediction, energy intelligent applications, and energy-specific large models. The company is enhancing its "AI + Energy" strategy, increasing research and practice in AI platform construction, time series prediction models, and AI intelligent applications, thereby improving resource adjustment capabilities and supply-demand matching. Successful AI electricity spot trading has been implemented in provinces like Guangdong and Shandong, and the "New Electric Rabbit" AI charging assistant has been launched to provide intelligent charging services for electric vehicle users [4]

Group 1: Business Strategy and Development - The company focuses on the "one body, two wings" strategy, emphasizing smart city, smart energy, smart healthcare, and identity verification sectors to enhance core competitiveness and industry influence [1][5]. - The company aims to leverage digitalization and intelligence upgrades in industry clients, providing services to meet market demands [2][5]. - As of the end of 2024, the company has signed contracts worth 350 million yuan that are yet to be fulfilled, indicating a positive trend in new orders and cash flow [3][6]. Group 2: Financial Performance and Challenges - In 2024, the company's net profit was only 16 million yuan, with a non-recurring earnings per share of 0.03 yuan, highlighting reliance on government subsidies [2][5]. - The operating cash flow was negative at -5.79 million yuan, and the asset-liability ratio increased to 58.54%, reflecting financial pressure [2][5]. - The company's price-to-earnings ratio stands at 237, significantly higher than the industry average of 55.6, indicating a lack of performance support for the stock price [2][5]. Group 3: Market Position and Future Outlook - The company is positioned to benefit from ongoing policy support and technological advancements, with a focus on optimizing core products and industry solutions [2][5]. - The company is actively exploring mergers and acquisitions to drive high-quality growth, adhering to legal disclosure obligations [3][5]. - The low-altitude economy initiatives include developing autonomous intelligent systems and integrated management platforms for drones, with applications in various fields such as emergency inspections [2][4].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025, with a focus on energy digitalization and AI integration as part of its strategic transformation [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 4.48 billion yuan, a year-on-year decrease of 5.2% [1] - The net profit attributable to shareholders was -250 million yuan, a year-on-year decline of 141.4% [1] - The non-recurring net profit was -280 million yuan, a year-on-year decline of 152.1% [1] - For Q1 2025, the company reported revenue of 670 million yuan, a slight year-on-year decrease of 0.1% [1] - The net profit attributable to shareholders was 3.37 million yuan, indicating a turnaround from losses [1] - The non-recurring net profit was -4.28 million yuan, with losses narrowing by 90.7% [1] Business Strategy and Developments - The company is committed to energy digitalization and energy internet as dual driving forces, accelerating its AI initiatives [2] - In 2024, the company completed the restructuring of non-core businesses, resulting in a one-time financial impact of approximately 490 million yuan due to goodwill impairment and cost capitalization [2] - The company acquired a 10% minority stake in Bangdao Technology, making it a wholly-owned subsidiary, and increased market efforts in the new electric path business, with a sales expense ratio of 18.1%, up 5.6 percentage points year-on-year [2] - The energy digitalization business generated revenue of 2.15 billion yuan in 2024, down 7.5% year-on-year, primarily due to the restructuring of non-core businesses [2] Growth in Energy Internet and AI Applications - The energy internet business grew rapidly, achieving revenue of 1.8 billion yuan in 2024, a year-on-year increase of 17.6%, and continued to grow in Q1 2025 [3] - The company’s life payment platform for utilities surpassed 500 million users, with daily active users nearing 20 million [3] - The new electric path charging business recorded an annual charging volume of 5.2 billion kWh, and the distributed photovoltaic cloud platform connected 25 GW [3] - The company enhanced its competitive advantage in electricity market trading, with annual trading volume exceeding 1.9 billion kWh, a year-on-year increase of over five times [3] - In Q1 2025, the new electric path platform's operating losses significantly decreased, and the photovoltaic cloud platform added over 10 GW of distributed photovoltaic connections [3] Investment Outlook - The company aims to become a leading AI-driven technology energy enterprise, benefiting from the trends of electricity marketization, digitalization, and scenario-based electricity usage [4] - Following the restructuring of non-core businesses, the company is expected to improve its profitability, with projected net profits of 490 million yuan, 600 million yuan, and 740 million yuan for 2025-2027, representing year-on-year growth of 294.1%, 23.8%, and 22.3% respectively [4] - The company is assigned a target price of 15.74 yuan based on a 35x PE ratio for 2025, with a "recommended" rating [4]

Core Viewpoint - Langxin Group is focusing on energy digitalization and energy internet strategies, optimizing its business structure by divesting non-core operations and aiming to become a leading technology-driven energy enterprise [2][9]. Group 1: Company Strategy - The company has completed the restructuring of non-core businesses such as set-top boxes and is now concentrating on energy digitalization and energy internet development [2]. - Langxin Group aims to leverage the integration of digitalization, intelligence, and energy technology to enhance the new power system and energy internet [2]. - The company is transitioning from project-driven to platform-driven operations, emphasizing innovation in I technology and green development [2]. Group 2: Financial Performance - In Q1 2025, the company reported revenues of 667 million, remaining flat year-on-year, but showing a 10% increase when excluding non-core business impacts [3]. - The gross profit margin reached 48%, indicating a significant improvement in business structure post-strategy focus [3]. - Net profit for Q1 2025 was 3.37 million, reflecting a year-on-year increase of approximately 118% [3]. Group 3: Energy Internet Development - The "New Electric Path" platform has expanded its network, with over 1.7 million charging devices and more than 20 million registered users by the end of the reporting period [4]. - The virtual power plant business has seen significant growth, with over 10 GW of new connections to the photovoltaic cloud platform [4]. - The company's electricity trading business exceeded 700 million kWh in Q1 2025, more than doubling year-on-year [4]. Group 4: Market Opportunities - The ongoing electricity market reform in China presents historical opportunities for platform-based trading, with new policies supporting high-quality development in the energy sector [5]. - The company is expanding its electricity trading business across 11 provinces, anticipating accelerated growth as new energy enters the market [6]. - Langxin Group is enhancing its service offerings in various energy scenarios, including life payment and distributed photovoltaic services, to optimize resource allocation and support market development [9]. Group 5: Future Outlook - The company plans to continue expanding its user base and charging network, particularly in third to fifth-tier cities, to capture the growing public charging market [8]. - New value-added services such as charging insurance and battery health monitoring are being developed to enhance profitability [8]. - The company is focused on leveraging IoT and big data for precise load forecasting and efficient supply-demand matching to drive growth in its energy internet platform [6].

Group 1 - The core viewpoint of the news is that Langxin Group reported stable revenue with significant profit growth in Q1, driven by its focus on energy digitization and the energy internet strategy [1] - In Q1, the company achieved total revenue of 667 million yuan, which is approximately flat year-on-year, while the net profit attributable to shareholders increased by 117.53% to 3.37 million yuan [1] - The energy digitization business showed steady growth, with the company actively deploying in areas such as AI, load control, new energy management, and electricity marketization [1] Group 2 - The energy internet business of Langxin Group continued to develop rapidly, with the "New Electric Path" charging platform expanding its network and user connections while significantly reducing operational losses year-on-year [1] - The virtual power plant business saw new access to distributed photovoltaic exceeding 10 GW, and breakthroughs in centralized power station agency trading [1] - The scale of the electricity trading business exceeded 700 million kWh, achieving more than double year-on-year growth due to the continuous application of AI trading models [1] Group 3 - Langxin Group's ESG report highlights its strategy of "Digital Technology Promoting Green Low-Carbon Development," showcasing progress in technology energy, innovation leadership, responsible management, employee benefits, and social contributions [2] - The company aims to continue driving AI technology innovation and expanding the energy internet platform to promote smarter and greener electricity services [2]