证券研究报告 能辉科技 (301046 CH) 收入延续快速增长，回款明显改善 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 建筑设计及服务 | 目标价(人民币): | 26.78 | 公 司 公 布 上 半 年 业 绩 ： 25H1 收 入 / 归 母 净 利 9.0/0.3 亿 元 ， 同 比 +44.8%/-9.5%，其中 Q2 收入/归母净利 5.9/0.2 亿元，同比+56.7%/+5.5%， Q2 业绩超出我们预期（0.15 亿元），主要系光伏 EPC 业务项目结转加快， 我们认为重卡换电等新业务有望为公司带来新成长空间，维持"增持"。 在建项目加速结转带动系统集成收入增长，毛利率同比承压 25H1 公司光伏电站系统集成/电站运营业务分别实现收入 8.7/0.3 亿元，同 比+44.5%/+76.7%，在建光伏项目加速结转带动系统集成业务收入增长，同 时新建电站投产带动电站运营收入大幅增长。25H1 公司毛利率 12.4%，同 比-4.9 ...

Core Viewpoint - Guangdong Province is actively promoting the "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" to enhance urban and rural integration and economic growth [4][6][18]. Group 1: Urban Development Initiatives - Guangzhou is accelerating the "Hundred Thousand Project," urban village renovation, and urban quality enhancement projects, emphasizing economic growth [9][40][46]. - Zhuhai has established the country's first "Standard Sea" model area for modern marine ranching, aiming to innovate deep-sea aquaculture standards [10][50][55]. - Shantou has launched Guangdong's first cross-border digital economy industrial park, focusing on cross-border data flow industries [11][67][68]. Group 2: Cultural and Tourism Development - Foshan is developing the "Mountain Water Foshan" cultural tourism city IP, promoting the integration of agriculture, culture, commerce, and tourism [12][78][84]. - The "Four Mountains and Two Rivers" cultural tourism ecological conference in Foshan aims to create high-quality tourism zones and enhance local cultural branding [80][85][92]. Group 3: Agricultural and Rural Development - The "Village Feast Master" training program in Foga County aims to establish a standardized service system and promote rural tourism [13][148][156]. - The meeting in Zhaoqing focused on enhancing county-level planning and design to support new urbanization and high-quality development [96][100][102]. Group 4: Renewable Energy Initiatives - Foshan's Shunde District has achieved the highest photovoltaic installation capacity in the province, promoting the "Photovoltaic + Building" model [15][118][124]. - The district aims to enhance energy efficiency and support the transition to renewable energy sources [128][130].