Investment Rating - The report maintains a "Buy" rating for the company [7][9]. Core Views - The company reported a revenue of 1.36 billion RMB for H1 2025, a decrease of 4.8% year-on-year, with a net profit attributable to shareholders of 160 million RMB, down 12.9% year-on-year. The decline in net profit is primarily due to a slowdown in charging pile demand and a decrease in gross margin, compounded by intensified competition in the energy storage industry [3]. - The charging pile business generated 632 million RMB in revenue for H1 2025, an increase of 13.7% year-on-year, with a gross margin of 34.9%, down 3.2 percentage points. The decrease in gross margin is attributed to changes in product mix, with a higher proportion of lower-margin battery swap and heavy-duty charging businesses. Despite a slowdown in the construction of charging piles, long-term demand is expected to grow driven by the sales of new energy vehicles [4]. - The energy storage business saw a revenue drop to 284 million RMB in H1 2025, down 39.0% year-on-year, with a gross margin of 27.8%, a decrease of 2.2 percentage points. The decline is mainly due to the company's selective abandonment of certain large storage orders domestically and competition from domestic integrators for overseas clients. However, the company anticipates a recovery in growth as it gradually introduces more domestic integrators [5]. - The industrial power supply business reported a revenue of 280 million RMB for H1 2025, an increase of 11.4% year-on-year, with a gross margin of 58.7%, up 3.9 percentage points. The company's products are widely used in intelligent computing centers, and it is actively developing advanced energy quality control solutions, which are expected to significantly contribute to revenue growth in 2025 [6]. Summary by Sections Financial Performance - H1 2025 revenue: 1.36 billion RMB, down 4.8% YoY - H1 2025 net profit: 160 million RMB, down 12.9% YoY - H1 2025 charging pile revenue: 632 million RMB, up 13.7% YoY - H1 2025 energy storage revenue: 284 million RMB, down 39.0% YoY - H1 2025 industrial power supply revenue: 280 million RMB, up 11.4% YoY [3][4][5][6]. Future Outlook - The company is expected to benefit from the ongoing development of charging piles and data centers, with a projected net profit of 538 million RMB in 2025, 651 million RMB in 2026, and 802 million RMB in 2027 [7]. - The target price for the company is set at 51.60 RMB, based on a target PE of 30 times for 2025 [7][10].

证券日报网讯上能电气（300827）7月29日在互动平台回答投资者提问时表示，公司主营业务为电力电 子设备的研发、生产、销售。目前公司主要产品包括光伏逆变器(PVInverter)、储能双向变流器(PCS)以 及有源滤波器(APF)、低压无功补偿器(SVG)等产品，并提供光伏发电系统和储能系统的集成业务。 ...