新雷能（300395.SZ）2025 年半年报点评 2Q25 营收环比增加 37%；数据中心产品积极推广 2025 年 08 月 19 日 ➢ 事件：8 月 18 日，公司发布 2025 年半年报，1H25 实现营收 5.5 亿元，YOY +12.9%；归母净利润-0.95 亿元，去年同期为-0.68 亿元；扣非净利润-1.02 亿 元，去年同期为-0.74 亿元。业绩表现符合市场预期。我们综合点评如下： ➢ 2Q25 营收环比增加 37%；盈利能力持续承压。1）单季度：公司 2Q25 实 现营收 3.2 亿元，同比增加 10.3%，环比增加 36.6%；归母净利润-0.51 亿元， 1Q25 为-0.44 亿元，2Q24 为-0.29 亿元。2）利润率：1H25，公司毛利率同比 下滑 3.8ppt 至 39.1%；净利率同比下滑 2.5ppt 至-17.0%。其中，2Q25 毛利 率同比下滑 9.7ppt 至 35.8%；净利率同比下滑 5.8ppt 至-14.9%。主要原因是 新业务拓展和订单恢复节奏不均衡，规模效应未能较好体现。预计盈利能力将随 需求恢复而好转。 ➢ 深圳雷能大力推广数据中心产品；武汉永 ...

Investment Rating - The report assigns a "Strong Buy" rating for the power equipment industry, specifically recommending "Buy" for Aikasaibo (688719.SH) at a price of RMB 39.23 [1]. Core Insights - The core insight of the report emphasizes that nuclear fusion power sources are critical components of fusion devices, enhancing the heating temperature and energy confinement time to improve the fusion "triple product" [3][13]. - The report highlights the high technical and customer barriers in the power source segment, with costs accounting for 30%-50% of the overall fusion device [3][5]. - The increasing investment climate in China's nuclear fusion sector, with multiple technological routes advancing simultaneously, is expected to lead to significant order and performance releases in the fusion power segment [3][5]. Summary by Sections Investment Recommendations - The report suggests that nuclear fusion power sources will drive improvements in the fusion "triple product" through enhanced heating temperatures and energy confinement times, which are essential for achieving fusion ignition [3]. - It recommends Aikasaibo and suggests monitoring other companies such as Yingjie Electric, Guoguang Electric, Xuguang Electronics, Hongxun Technology, and Wangzi New Materials [3]. Industry Overview - The report discusses the critical role of power sources in nuclear fusion devices, which include providing energy for plasma heating and maintaining the stability of the magnetic field [13][14]. - It notes that the power source's performance is crucial for the safety and efficiency of fusion operations, with stringent requirements for response times and stability [21][22]. Technological Insights - The report details the different types of power sources used in various fusion technologies, including Tokamak, linear, and Z-pinch systems, each with specific requirements and challenges [45][47]. - It highlights the importance of high-power, low-ripple power sources in maintaining plasma stability and achieving the necessary conditions for fusion [22][52]. Market Potential - The report identifies a broad market potential for fusion power sources, driven by the increasing demand for customized solutions and the historical experience of suppliers in the nuclear fusion sector [52][53]. - It emphasizes that companies with established relationships and experience in nuclear-grade power supply are likely to benefit from upcoming large-scale projects [52][53]. Emerging Technologies - The report mentions the growing importance of supercapacitors in fusion power systems, which can provide rapid discharge capabilities essential for the pulsed operation of fusion devices [54][56]. - It notes that supercapacitors have been successfully integrated into existing projects, indicating a trend towards their increased use in future nuclear fusion applications [56].