朗科智能8月27日股价报收12.13元，较前一交易日下跌4.79%。公司当日成交量为186979手，成交金额 达2.34亿元。 朗科智能主营业务涵盖智能控制器、新能源及智能终端产品三大板块。公司产品涉及电动工具、家用电 器、汽车电子等领域，同时布局锂电池包、储能逆变器等新能源业务。近期公司成立了汽车电子事业部 及智能宠物业务子公司，积极拓展新兴业务领域。 8月27日主力资金净流出2972.92万元，近五日累计净流出4067.30万元。公司总市值37.16亿元，市盈率 68.27倍。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。（本内容由AI生成，仅 供参考，不构成投资建议。） 根据公司披露的2025年半年报显示，上半年实现营业收入7.85亿元，同比增长6.6%；归母净利润2722万 元，同比下降19.7%。其中第二季度净利润1724万元，同比下降31.5%。报告期内公司越南募投项目产 能尚未完全释放，导致该业务出现亏损。 ...

德业股份 20250827 摘要 2025 年上半年公司营收 57.73 亿元，同比增长 21.97%，净利润 15.31 亿元，同比增长 18.67%。扣除股份支付影响后的净利润为 16.03 亿元。二季度营收、净利润、扣非净利润环比分别增长 15.71%、15.58%和 36.19%。 2025 年上半年，储能逆变器销售收入为 20.9 亿元，户储部分为 14.56 亿元，工商储部分为 6.38 亿元，分别增长 8.75%和 1,303%。储能电 池包销售收入 14.2 亿元，同比增长 85.8%。 2025 年上半年，公司综合毛利率为 37%，较去年同期下降 8 个百分点， 与一季度基本持平。公司整体费用 4 亿，其中股份支付费用 7,200 万元； 期间费用率 7%，较去年同期降低 0 个百分点。 欧洲市场中，东欧和西班牙户储需求强劲，受益于补贴政策和突发停电 事件。预计今年欧洲市场总体表现优于去年，东欧和西班牙的需求弥补 了乌克兰市场下降的缺口。 东南亚市场增长迅速，菲律宾、越南、泰国等地占据较高市占率。非洲 部分国家如黎巴嫩、伊拉克、苏丹及尼日利亚也表现突出，与欧洲共同 支撑公司整体出货规模。 Q ...

事件： 公司发布2025 半年报，2025H1 实现营收55.35 亿元，同增16.6%，实现归母净利润15.2 亿元， 同增23.2%，其中2025Q2 实现营收29.7 亿元，同增3.7%，环增15.7%，实现归母净利润8.17 亿元，同增 1.7%，环增15.7%。业绩符合预期。 2025Q2 储能逆变器出货环增约40%、工商储占比持续提升、电池包环比略增。公司2025H1 实现储能逆 变器出货约31.6 万台（户储27.3 万台+工商储4.3 万台），同增约48%，其中2025Q2 出货约18.4 万台 （户储15.7 万台+工商储2.7 万台），同环比均增长约40%，工商储由2025Q1出1.6 万台提升至出2.7 万 台，工商储占比逐步提升；电池包2025H1 实现营收14.2 亿元，同增80%+，其中2025Q2 营收7.4 亿元， 同环比+56%/+9%。储能逆变器及电池包毛利率基本维持稳定。2025Q3 我们预计储能继续环比向好， 全年我们预计储能逆变器出货70 万台+，其中工商储达10 万台，电池包我们预计实现营收30-40 亿元， 同增50%+。 2025Q2 组串及微逆出货环比略有下滑 ...

证券研究报告·公司点评报告·家电零部件Ⅱ 德业股份（605117） 2025 中报点评：2025Q2 储能出货环比高增， 工商储占比稳步提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,480 | 11,206 | 13,310 | 16,003 | 19,106 | | 同比（%） | 25.59 | 49.82 | 18.77 | 20.23 | 19.39 | | 归母净利润（百万元） | 1,791 | 2,960 | 3,602 | 4,311 | 5,168 | | 同比（%） | 18.03 | 65.29 | 21.66 | 19.69 | 19.88 | | EPS-最新摊薄（元/股） | 1.98 | 3.27 | 3.98 | 4.77 | 5.71 | | P/E（现价&最新摊薄） | 31.27 | 18.92 | 15.55 | 12.99 | 10.84 | [Table_T ...

宁波德业科技股份有限公司2025 年半年度报告 公司代码：605117 公司简称：德业股份 宁波德业科技股份有限公司 宁波德业科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人ZHANG DONG YE、主管会计工作负责人谈最及会计机构负责人（会计主管人 员）杨明世声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 根据宁波德业科技股份有限公司（以下简称"公司"）2025年半年度报告（未经审计），截 至2025年6月30日，公司期末可供分配利润(母公司报表口径)为人民币1,080,464,545.57元。为贯彻 落实《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》等相关要求，进一步 提高分红频次，增强投资者回报水平，经董事会决议，公司2025年半年度拟以实施权益分派股权 登记日登记的总股本 ...

Investment Rating - The investment rating for the company is "Buy" [7][17]. Core Insights - The company achieved a revenue of 3.79 billion yuan in H1 2025, representing a year-on-year growth of 13.1%, and a net profit attributable to shareholders of 600 million yuan, up 71.0% year-on-year. In Q2 2025, revenue reached 2.28 billion yuan, with a year-on-year increase of 16.3% and a quarter-on-quarter increase of 50.0%. The net profit for Q2 was 410 million yuan, reflecting a year-on-year growth of 22.7% and a quarter-on-quarter growth of 109.3% [5][13]. Business Performance - The company's photovoltaic and energy storage inverter business has seen a recovery in profitability, with significant growth in overseas markets expected to support performance [5][17]. - The grid-connected inverter business generated 1.82 billion yuan in revenue in H1 2025, a decrease of 11.2% year-on-year, but with a gross margin of 26.1%, up 7.6 percentage points year-on-year. The sales volume reached 466,000 units, indicating a significant improvement in profitability [14]. - The energy storage inverter business experienced rapid expansion, achieving 790 million yuan in revenue, a year-on-year increase of 313.5%, with a gross margin of 30.3%, up 2.7 percentage points year-on-year [15]. - The distributed photovoltaic business steadily developed, generating 810 million yuan in revenue, a year-on-year increase of 4.1%, with a gross margin of 58.0%, down 3.2 percentage points year-on-year [16]. Financial Forecasts - The company is projected to achieve revenues of 7.96 billion yuan, 9.32 billion yuan, and 10.82 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.7%, 17.1%, and 16.0%. The net profit attributable to shareholders is expected to be 1.19 billion yuan, 1.49 billion yuan, and 1.92 billion yuan for the same years, with growth rates of 72.1%, 25.6%, and 28.5% [17][18].

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has shown significant recovery in profitability due to the restoration of energy storage inverter sales and improved demand [2][4] - The company is expected to achieve substantial revenue growth driven by its core business in grid-connected inverters and the recovery of overseas energy storage inverter sales [4] - The company’s financial performance is supported by its stable power station assets and flexible business model [3] Financial Summary - Projected revenue for 2023A is 6,101 million yuan, with a year-on-year growth rate of 3.6%. By 2027E, revenue is expected to reach 10,499 million yuan, with a growth rate of 15.5% [1] - The net profit attributable to shareholders is projected to be 779 million yuan in 2023A, with a decline of 26.5%. By 2027E, it is expected to increase to 1,468 million yuan, with a growth rate of 15.2% [1] - The company’s return on equity (ROE) is expected to improve from 10.0% in 2023A to 12.3% in 2027E [1] - The earnings per share (EPS) is projected to increase from 1.95 yuan in 2023A to 3.68 yuan in 2027E [1] Sales and Profitability - In the first half of 2025, the company sold 466,200 inverters, with an overall gross margin of 27.38%, an increase of 8.1 percentage points year-on-year [2] - The sales of energy storage inverters contributed 793 million yuan in revenue, a year-on-year increase of 313.51% [2] - The company’s gross margin for energy storage inverters was 30.27% in the first half of 2025, reflecting a year-on-year increase of 2.69 percentage points [2] Asset Performance - The company’s power station business benefited from the traditional peak season for power generation, with a total operating distributed photovoltaic power generation of 667,500 kWh in the first half of 2025 [3] - The average transaction price for sold distributed photovoltaic power stations was approximately 3.10 yuan/W, generating a profit of about 23 million yuan [3] - The company’s household photovoltaic power generation systems and new energy power production segments contributed revenues of 808 million yuan and 304 million yuan, respectively, with gross margins of 58.02% and 52.78% [3]

Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [25]. Core Views - The company's energy storage business has seen significant growth, leading to a notable recovery in profitability. The company reported a total revenue of 3.794 billion yuan for the first half of 2025, a year-on-year increase of 13.09%, and a net profit attributable to shareholders of 602 million yuan, up 70.96% year-on-year [7][10]. - The company has optimized its product and customer structure, reducing the unit cost of inverters and continuously launching higher value-added products, which has resulted in an increase in gross profit margin by 3.49 percentage points to 35.67% [10]. - The company maintains a strong global position in the inverter market, ranking third globally with a 5% share of the inverter shipment volume in 2024, despite a 6.98% year-on-year decline in inverter sales volume in the first half of 2025 [10][11]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a total revenue of 3.794 billion yuan, with a net profit of 602 million yuan, reflecting a significant year-on-year growth of 70.96% [7][10]. - The operating cash flow for the period was 811 million yuan, up 36.56% year-on-year, with a diluted return on equity of 7%, an increase of 2.56 percentage points [7][10]. Business Segments - The revenue from the grid-connected inverter segment was 1.82 billion yuan, down 11.22% year-on-year, while the energy storage inverter segment saw a remarkable increase of 313.51%, generating 793 million yuan [10]. - The company’s overseas revenue reached 1.778 billion yuan, a year-on-year increase of 25.26%, with sales accounting for 46.86% of total revenue, up 4.56 percentage points [10]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 973 million yuan, 1.170 billion yuan, and 1.337 billion yuan for 2025, 2026, and 2027, respectively [12][23]. - The report anticipates that advancements in energy storage inverter technology and decreasing costs of energy storage systems will further enhance market growth [11].

Summary of the Solar Industry Conference Call Industry Overview - The solar industry value chain includes silicon materials, silicon wafers, solar cells, and modules, with similar supply-demand dynamics across these segments, influenced by profitability pressures in the module segment [1][3][15] - Inverters, brackets, and energy storage devices, which directly serve power plants, have relatively better profitability [1][4] Key Points and Arguments Silicon Material Segment - High technical barriers and significant price volatility characterize the silicon material segment, with leading companies adopting different technological routes [1][5] - Major players like Tongwei and Xiexin represent two distinct technological paths: improved Siemens method and silane fluidized bed method [5] - Investment for a production capacity of 10,000 tons ranges from 600 to 800 million yuan, with a construction period of about 1.5 years [5] Silicon Wafer Segment - The silicon wafer production process has completed major technological changes, with a current investment of approximately 150 to 200 million yuan per GW [6] - The segment faces intense competition and has seen a decline in profitability due to an oversupply of raw materials [6] Solar Cell Segment - The solar cell segment is critical for photovoltaic power generation, focusing on improving conversion efficiency [7][8] - The mainstream technology has shifted to TOPCon, which now holds over 90% market share, while PERC technology is nearing obsolescence [8] Module Production Segment - Module production involves assembling solar cells and requires strong brand power due to the long outdoor usage period [9] - Companies with better market positioning, especially in regions with trade barriers like the U.S., tend to have higher profitability [9] Supporting Materials - The encapsulation film segment is dominated by Foster, which holds over 50% market share, making it difficult for smaller players to remain profitable [10] - The solar glass segment is characterized by high investment costs and long construction periods, with major players like Flat and Xinyi controlling 50% to 60% of the market [11] Inverter Segment - The inverter market is divided into centralized and string inverters, with leading companies like Huawei and Sungrow dominating the centralized inverter market [12][13] - Energy storage inverters are gaining attention due to their higher value and profitability compared to standard inverters [14] Supply-Demand Dynamics - The solar industry is significantly influenced by supply-demand relationships, with optimistic global demand projections of around 1,000 GW of installed capacity over the next 30 years [3][18] - The industry is transitioning to a parity era, where solar power can compete with coal without subsidies [16][17] Current Industry Trends - The industry is experiencing a supply-demand mismatch, leading to profitability pressures, with a global installed capacity exceeding 1,100 GW [19][20] - The stock performance of the solar industry has shifted from being subsidy-driven to being influenced by fundamental changes post-2020 [21] Investment Opportunities - Investors are encouraged to focus on silicon materials and new technologies, as these areas are expected to perform better amid ongoing industry adjustments [24] - Companies with unique advantages, such as integrated components and strong market positions, are also recommended for investment consideration [24]

Core Viewpoint - The energy storage industry is experiencing a wave of project terminations and delays, indicating a period of adjustment and restructuring within the sector [1] Industry Summary - Multiple companies, including Wanrun New Energy, Ha Sida, and Changying Precision (300115), have announced the termination or postponement of energy storage projects this year, involving technologies and products such as lithium batteries, sodium batteries, solid-state batteries, energy storage inverters, and system integration [1] - Industry insiders suggest that the current trend of project delays and terminations reflects the need for the energy storage sector to focus on technological breakthroughs and innovative business models [1] - Companies are advised to consolidate their existing technological advantages while steadily advancing research and development in cutting-edge areas, avoiding blind following of trends [1] - There is a call for exploring more flexible market application scenarios by integrating energy storage with renewable energy generation [1]