买入（维持评级） 证券研究报告 业绩简评 经营分析 8 月 22 日，公司发布 2025 年中报。25H1 公司营业收入为 38.58 亿元，同比+31.59%；实现归母净利润 0.54 亿元，同比+47.07%； 25Q2 营业收入 23.61 亿元，同比+42.49%；归母净利润 1.36 亿元， 同比+1.49%。 公司存货和合同负债高增，业绩迈入释放期。25H1 公司存货 （8.89 亿元）和合同负债（11.3 亿元）共达到 20.19 亿元，同比 增长，相较 24 年末的增长 58%，达到自 2020 年以来的历史新高， 公司迎来收入和盈利双拐点。25H1 年新签合同 71.23 亿元，已中 标暂未签订合同 32.72 亿元。 海洋工程业务收入爆发，项目陆续开工确收。25H1 年海洋与 环境工程业务收入为 6.89 亿元，同比+141%，主要系中广核阳江 帆石一海上风电场基础预制、施工及风机安装工程 I 段施工合同 开始执行，完工百分比从 2024 年底 24.83%提升至 69.24%。由于 大项目的开工建设，25H1 海洋工程业务的毛利率提升至 4.35%， 相较 24 年底的 2.20%和 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has seen a continuous decline in financing costs and plans to issue REITs to further improve cash flow [2][4] - In the first half of the year, the company achieved a revenue of 1.21 billion RMB, a year-on-year increase of 7.7%, and a net profit of 450 million RMB, up 23.4% year-on-year [2] - The company’s electricity sales volume increased by 22.7% to 2482 GWh, primarily driven by contributions from acquisition projects [3] - The company holds a total solar power station capacity of 4.54 GW, with 61.8% of projects being grid-parity [3] - The company’s gross profit margin is 61.8%, a decrease of 2.4 percentage points due to a decline in settlement prices [3] Summary by Sections Company Overview - The company plans to issue solar power infrastructure REITs to enhance cash flow and risk management capabilities [4] - The company’s financing costs decreased by 19% year-on-year to 148 million RMB, attributed to lower actual interest rates and reduced interest-bearing borrowings [4] Financial Performance - The company adjusted its net profit forecasts for 2025-2027 to 917 million, 951 million, and 1.016 billion RMB respectively [5] - The expected dividend per share for 2025 is approximately 0.054 RMB, with current stock price corresponding to a PE ratio of 10.3 times [5] Market Position - The existing projects are expected to benefit from the "new and old separation" policy, which provides stable returns for existing power stations [4] - The company has approximately 1.2 GW of reserve projects available for acquisition, with 860 MW being grid-parity projects [3]