长江商报消息 逆变器龙头锦浪科技（300763.SZ）加快业务拓展。 9月23日，锦浪科技发布公告称，公司向不特定对象发行可转换公司债券申请获得中国证券监督管理委 员会同意注册批复。 此次发行可转债，锦浪科技计划募集资金总额不超过16.77亿元，扣除发行费用后，将用于光伏及储能 产业的进一步布局以及补充流动资金，以巩固其在行业内的领先地位。 作为全球组串式逆变器头部企业，锦浪科技资产规模实现跨越式增长，截至2025年6月底，锦浪科技总 资产达202.6亿元，较2018年的6.49亿元增长超30倍。 值得一提的是，锦浪科技也进入现金流修复期。2025年上半年其投资活动产生的现金流量净额为3.28亿 元，2018年以来首次回正。这一定程度上也缓解了负债压力，截至2025年上半年底，其资产负债率降至 56.35%。 拟募资16.77亿扩产 据募集说明书，锦浪科技拟发行可转债，募集资金总额不超过16.77亿元，这笔扣除相关费用后，除了 3.51亿元用于补充公司流动资金外，其余用于五个实体项目建设。 其中"分布式光伏电站项目"拟使用募集资金3.55亿元，该项目采用"自发自用、余电上网"的售电模式， 不仅能为公司带来稳定 ...

Group 1 - The core viewpoint of the news highlights the financial performance and trading activities of Airo Energy, indicating a decline in stock price and significant trading volume on September 22, with a net financing outflow of 4.27 million yuan [1] - As of September 22, Airo Energy's total margin trading balance reached 302 million yuan, accounting for 4.08% of its market capitalization, which is above the 90th percentile of the past year [1] - The company reported a total of 7,771 shareholders as of June 30, a decrease of 10.26%, while the average circulating shares per person increased by 58.91% [2] Group 2 - For the first half of 2025, Airo Energy achieved operating revenue of 1.807 billion yuan, representing a year-on-year growth of 14.09%, and a net profit attributable to shareholders of 142 million yuan, up 37.65% year-on-year [2] - Airo Energy has distributed a total of 150 million yuan in dividends since its A-share listing [3]

Core Viewpoint - The report highlights the financial performance and operational stability of Zhejiang Airo Network Energy Technology Co., Ltd. for the first half of 2025, indicating a positive growth trajectory in revenue and profit, driven by technological innovation and sustained R&D investment [1][13]. Financial Performance - In the first half of 2025, the company achieved a revenue of 1,806.70 million yuan, representing a year-on-year increase of 14.09% [1]. - The net profit attributable to shareholders was 141.78 million yuan, up 37.65% year-on-year, while the net profit excluding non-recurring items reached 104.91 million yuan, reflecting a 59.53% increase [1]. - R&D expenses totaled 318.92 million yuan, a 34.08% increase from the previous year, accounting for 17.65% of revenue [1][17]. Risk Factors - The company faces several risks, including: - **Core Competitiveness Risks**: Risks related to technological upgrades and potential loss of key technical personnel [3][4]. - **Operational Risks**: A decline in gross margin, which was reported at 33.57%, down 4.69 percentage points from the previous period [6]. - **Financial Risks**: Risks associated with accounts receivable and foreign exchange fluctuations, with accounts receivable net amounting to 713.30 million yuan, representing 10.63% of total assets [8][9]. Industry Context - The company operates in a technology-intensive industry, particularly in the photovoltaic and energy storage sectors, which are experiencing significant policy-driven growth in regions like Europe and the U.S. [10][11]. - The industry is subject to risks related to policy changes, subsidy reductions, and international trade disputes, which could impact the company's sales and market position [12][13]. R&D and Innovation - The company has maintained a strong focus on R&D, with a notable increase in R&D spending and a robust pipeline of patents, including 10 new invention patents granted in the first half of 2025 [17][18]. - The core technologies developed by the company are crucial for maintaining its competitive edge in the market [15][16]. Compliance and Governance - The company has adhered to regulatory requirements for information disclosure, with no significant compliance issues reported in the first half of 2025 [2][13].

Core Viewpoint - The company, Zhejiang Airo Network Energy Technology Co., Ltd., is set to hold a half-year performance briefing on September 30, 2025, to discuss its operational results and financial status for the first half of 2025, following the release of its semi-annual report on August 29, 2025 [2][3][7]. Group 1: Meeting Details - The performance briefing will take place on September 30, 2025, from 10:00 to 11:00 AM at the Shanghai Stock Exchange Roadshow Center [2][5]. - Investors can submit questions from September 23 to September 29, 2025, through the Roadshow Center website or via the company's email [2][6]. - The meeting will be conducted in an interactive online format, allowing for real-time communication between the company and investors [3][4]. Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of 1,806.70 million yuan, representing a year-on-year increase of 14.09% [7]. - The net profit attributable to shareholders was 141.78 million yuan, up 37.65% year-on-year, while the net profit excluding non-recurring items reached 104.91 million yuan, reflecting a 59.53% increase [7][14]. - Research and development (R&D) expenses totaled 318.92 million yuan, a 34.08% increase compared to the previous year, accounting for 17.65% of revenue [7][19]. Group 3: Core Competitiveness - The company has maintained a strong focus on household energy storage technology, being one of the earliest entrants in the field, with a rich accumulation of technology and patents [17][18]. - The company has developed several core technologies related to energy storage, including MPPT tracking technology and power control technology, and has secured multiple patents during the reporting period [17][21]. Group 4: Risk Factors - The company faces several risks, including core competitiveness risks related to technology upgrades, potential loss of key technical personnel, and risks associated with core technology leakage [8][9]. - Financial risks include accounts receivable bad debt risks, with net accounts receivable amounting to 713.30 million yuan, representing 10.63% of total assets [10]. - Industry risks are influenced by policy changes in key markets, particularly in Europe and the U.S., which could impact the company's sales and market position [11][12][13].

Core Viewpoint - The article discusses the recent developments surrounding Maitian Energy Co., Ltd.'s IPO process, highlighting internal shareholder disputes and the company's reliance on strategic backing from the "Qingshan System" [1][5]. Group 1: Shareholder Disputes - Maitian Energy's IPO has faced unusual opposition from shareholders, particularly from five funds under Chaoxi Capital, which voted against the listing proposal, while two funds supported it [2][3]. - The dissenting shareholders hold a total of 817,470 shares, representing 2.27% of the pre-IPO capital, indicating a significant internal division within the investment group [3]. - The valuation discrepancy is notable, as the dissenting shareholders invested at a valuation of 14.887 billion yuan, while the post-IPO valuation is projected to be under 10 billion yuan, leading to conflicts of interest [4]. Group 2: Strategic Support from Qingshan System - Maitian Energy has received substantial strategic investment from Yongqing Technology Group, part of the Qingshan Holding Group, which is a major player in the stainless steel and nickel manufacturing industry [5][7]. - The company has relied on financial support from its strategic backers, with outstanding debts to Yongqing Technology and Qingshan Holding amounting to 183.577 million yuan and 549.2 million yuan, respectively, as of early 2023 [6]. - Qingshan's support extends beyond financial backing, as its subsidiary, Ruipu Lanjun, is a key supplier for Maitian Energy, providing essential components for its products [7][9]. Group 3: Production Capacity and Financial Performance - Maitian Energy's revenue has shown steady growth, with figures of approximately 2.486 billion yuan, 2.9 billion yuan, and 3.392 billion yuan over the past three years, but net profit has fluctuated, with a notable decline of 25.01% in 2023 [10][12]. - The company plans to use IPO proceeds of approximately 1.661 billion yuan for various projects, including a new smart energy storage product facility, which will significantly increase its production capacity [11][12]. - However, the company faces challenges with production utilization rates and inventory management, as evidenced by declining utilization rates for both energy storage batteries and inverters, which raises concerns about future capacity absorption [12][13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant improvement in gross margin in Q2, with expectations for greater profit elasticity in Q3. The H1 2025 revenue reached 1.807 billion yuan, a year-on-year increase of 14.09%, and the net profit attributable to the parent company was 142 million yuan, up 37.65% year-on-year [2][4]. Financial Performance - In H1 2025, the company achieved revenue of 1.807 billion yuan, with a net profit of 142 million yuan. In Q2 2025, revenue was 1.008 billion yuan, reflecting a year-on-year growth of 12.09% and a quarter-on-quarter increase of 26.21%. The net profit for Q2 was 96 million yuan, up 38.8% year-on-year and 108.58% quarter-on-quarter [2][4][9]. - The gross margin for Q2 was 36.5%, an increase of 6.5 percentage points from the previous quarter, indicating a notable improvement [9]. - The company’s expenses for Q2 were 269 million yuan, with a period expense ratio of 26.9%, which increased by 0.9 percentage points quarter-on-quarter [9]. Product Revenue Breakdown - The revenue from household storage (including battery packs) was 1.09 billion yuan with a gross margin of 35%. The revenue from industrial storage (including battery packs) was 250 million yuan with a gross margin of 37%. The revenue from grid-connected inverters was 370 million yuan with a gross margin of 22%, and accessory revenue was 90 million yuan with a gross margin of 51% [9]. Future Outlook - The company is expected to show significant profit elasticity in Q3 due to market expansion in Australia and further development in Asia, Africa, and Latin America. The company anticipates achieving new highs in performance over the next two years, with potential upward revisions in revenue and profit for the year [9]. - The company forecasts net profits of 450 million yuan and 670 million yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 30 and 20 times [9].

Core Insights - Airo Energy's stock increased by 1.34% on September 11, with a trading volume of 434 million yuan, indicating positive market sentiment towards the company [1] - The company reported a financing net purchase of 5.25 million yuan on the same day, with a total financing and securities balance of 373 million yuan, which is high compared to the past year [1] - Airo Energy's main business involves providing photovoltaic energy storage inverters and batteries, with a revenue composition heavily weighted towards household energy storage systems [1] Financing and Securities - On September 11, Airo Energy had a financing purchase amounting to 79.65 million yuan, with a current financing balance of 373 million yuan, representing 5.02% of its market capitalization [1] - The company’s financing balance exceeds the 90th percentile of the past year, indicating a high level of investor interest [1] - In terms of securities lending, Airo Energy repaid 700 shares and sold 400 shares on September 11, with a remaining securities lending balance of 7900 shares valued at 603,600 yuan, also at a high level compared to the past year [1] Financial Performance - As of June 30, Airo Energy had 7,771 shareholders, a decrease of 10.26% from the previous period, while the average number of circulating shares per person increased by 58.91% to 12,409 shares [2] - For the first half of 2025, Airo Energy reported a revenue of 1.807 billion yuan, a year-on-year increase of 14.09%, and a net profit attributable to shareholders of 142 million yuan, reflecting a growth of 37.65% [2] Dividend Information - Airo Energy has distributed a total of 150 million yuan in dividends since its A-share listing [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][4]. Core Views - The company's revenue for the first half of 2025 reached 3.794 billion yuan, a year-on-year increase of 13.09%, while net profit attributable to shareholders was 602 million yuan, up 70.96% year-on-year [1]. - The significant growth in profit is attributed to the high increase in energy storage inverter shipments, optimization of customer structure, and ongoing cost reduction efforts [1]. - The revenue from energy storage inverters surged to 790 million yuan, reflecting a year-on-year growth of 313.51%, with a gross margin of 30.27%, an increase of 2.69 percentage points [1]. - The company plans to issue convertible bonds to raise no more than 1.677 billion yuan for projects related to distributed photovoltaic power stations and high-voltage, high-power grid-connected inverters [2]. - The expected revenue for 2025-2027 is projected to be 8.302 billion yuan, 9.819 billion yuan, and 11.283 billion yuan, representing year-on-year growth rates of 26.9%, 18.3%, and 14.9% respectively [3]. Summary by Sections Revenue and Profitability - The company achieved a revenue of 3.794 billion yuan in the first half of 2025, with a net profit of 602 million yuan, marking significant year-on-year growth [1]. - The gross margin for grid-connected inverters was 26.12%, up 7.62 percentage points year-on-year, while the gross margin for energy storage inverters was 30.27% [1]. Market Expansion and Future Prospects - The company is expected to enhance its production capacity significantly with the new projects, which will strengthen its competitive position in the inverter and distributed power station markets [2]. - The anticipated revenue growth for the next three years indicates a robust upward trend in the company's financial performance [3]. Financial Forecast - The forecasted net profit for 2025 is 1.187 billion yuan, with a year-on-year growth of 71.7%, and projected profits for 2026 and 2027 are 1.483 billion yuan and 1.789 billion yuan respectively [3].

Company Overview - Airo Energy, established on March 2, 2012, is located in Tonglu County, Hangzhou, Zhejiang Province, and is set to be listed on January 3, 2024 [1] - The company primarily provides photovoltaic energy storage inverters, storage batteries, and grid-connected inverters to overseas customers, focusing on distributed photovoltaic storage and grid-connected fields [1] Financial Performance - For the first half of 2025, Airo Energy achieved a revenue of 1.807 billion yuan, representing a year-on-year growth of 14.09% [2] - The net profit attributable to the parent company was 142 million yuan, showing a year-on-year increase of 37.65% [2] - The company has distributed a total of 150 million yuan in dividends since its A-share listing [3] Stock Performance - As of September 11, Airo Energy's stock price increased by 2.00% to 76.90 yuan per share, with a total market capitalization of 12.304 billion yuan [1] - Year-to-date, the stock price has risen by 64.63%, with a 0.13% decline over the last five trading days, a 17.21% increase over the last 20 days, and a 44.36% increase over the last 60 days [1] - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on September 5 [1] Shareholder Information - As of June 30, Airo Energy had 7,771 shareholders, a decrease of 10.26% from the previous period, while the average number of circulating shares per person increased by 58.91% to 12,409 shares [2] Industry Context - Airo Energy operates within the power equipment sector, specifically in photovoltaic equipment and inverters, and is associated with concepts such as inverters, energy storage, lithium batteries, solar energy, and photovoltaic glass [2]

Core Viewpoint - The domestic photovoltaic industry is still facing challenges in the first half of 2025, with nearly half of the companies reporting net losses, indicating that the industry's "winter" has not yet ended [1][3]. Financial Performance - Among 70 photovoltaic companies, 34 reported net losses in the first half of 2025, accounting for approximately 48.57% [3][4]. - Notable losses include Tongwei Co. with approximately 4.96 billion yuan, TCL Zhonghuan with about 4.24 billion yuan, and Trina Solar with losses between 2.5 billion to 3 billion yuan [3][4]. - Conversely, 30 companies reported net profit growth, with MicroNano achieving the highest increase of 348.95% [3]. Debt Pressure - As of the end of the first half of 2025, 43 companies had asset-liability ratios exceeding 50%, representing about 61.43% of the total [5][6]. - Companies like *ST Jingang and ST Quan are in a precarious position with asset-liability ratios of 138.65% and 104.38%, respectively [6]. International Expansion - The trend of "going abroad" continues, with 13 companies reporting that over 50% of their revenue comes from international operations [8][9]. - Airo Energy leads with 97.14% of its revenue from overseas, focusing on markets in Europe, India, and Australia [9][10]. Market Capitalization - As of September 4, 2025, the market capitalization of leading companies includes Sunshine Power at 240.5 billion yuan, Longi Green Energy at 131.9 billion yuan, and Tongwei Co. at 103.4 billion yuan [7]. Capitalization Efforts - Several photovoltaic companies are pursuing dual listings, with Fulete and Junda already achieving "A+H" listings, while others like Sunshine Power and JA Solar are planning to list on the Hong Kong Stock Exchange [11].