逆变器技术研发

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锦浪科技(300763):2025年半年报点评:25Q2业绩亮眼,储能逆变器高增长
Minsheng Securities· 2025-08-18 05:47
Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved impressive performance in Q2 2025, with a revenue of 22.76 billion yuan, a year-on-year increase of 16.25%, and a quarter-on-quarter increase of 50.00%. The net profit for the same period was 4.07 billion yuan, reflecting a year-on-year growth of 22.75% and a quarter-on-quarter growth of 109.27% [1]. - The growth in revenue and profit is attributed to the high growth in energy storage inverters, with sales revenue for energy storage inverters reaching 793 million yuan, a year-on-year increase of 313.51% [2]. - The company is focusing on optimizing product structure and increasing the sales proportion of high-margin customers, which has positively impacted gross margins [2]. Summary by Sections Financial Performance - In H1 2025, the company reported a total revenue of 37.94 billion yuan, a year-on-year increase of 13.09%, and a net profit of 6.02 billion yuan, a year-on-year increase of 70.96% [1]. - The inverter sales volume was 466,200 units, a year-on-year decrease of 6.98%, but revenue from inverters was 26.13 billion yuan, a year-on-year increase of 16.57% [2]. Business Segments - The household photovoltaic power generation system and new energy power production business showed stable growth, with revenue from household photovoltaic systems reaching 808 million yuan, a year-on-year increase of 4.12% [3]. - The cumulative installed capacity for new energy power production reached 1329.52 MW by June 30, 2025, primarily located in East, Central, and South China [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 80.20 billion yuan, 97.98 billion yuan, and 115.72 billion yuan, with corresponding growth rates of 22.6%, 22.2%, and 18.1% [4]. - The net profit for the same period is projected to be 12.31 billion yuan, 15.23 billion yuan, and 18.16 billion yuan, with growth rates of 78.1%, 23.7%, and 19.3% respectively [4].