公司研究 功率预测服务电站规模快速增长，拟每 10 股派发现金红利 2.30 元 ——国能日新（301162.SZ）2025 年中报点评 要点 2025 年 8 月 25 日 事件：公司发布 2025 年中报，2025H1 实现营业收入 3.21 亿元，同比+43.15%， 实现归母净利润 0.46 亿元，同比+32.48%；2025Q2 实现营业收入 1.76 亿元，同 比+45.74%，实现归母净利润 0.29 亿元，同比+31.32%，环比+76.82%。 功率预测服务电站规模快速增长，持续保持行业领先。截至 2025H1 末公司功率预 测服务的电站数量增加至 5461 家，细分行业市占率保持行业领先，2025H1 公司 服务电站规模较 2024 年末净增加 1116 家（远超往年历史同期水平），且始终保 持优异的客户续费率，带动功率预测产品实现营业收入 2.05 亿元，同比增长 55.14%，毛利率同比减少 11.91 个 pct 至 61.58%，主要原因系低毛利率的功率预 测设备收入占比提升所致。 分布式"四可"要求陆续落地，公司分布式融合终端产品优化推广顺利。在新能源 集中式电站领域公司传统并网 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company's performance meets expectations, with distributed power forecasting and the electricity trading market opening up significant growth opportunities [5][7] - The company achieved a revenue of 550 million RMB in 2024, representing a year-on-year growth of 20.5%, and a net profit of 94 million RMB, with a year-on-year increase of 11.1% [7] - The revenue from power forecasting products steadily increased, with a gross margin of 69.3%, and the number of customers reached 4,345 by the end of 2024 [7] - The company’s revenue from grid connection control systems grew by 28% year-on-year, driven by record new installations of wind and solar power in 2024 [7] - Innovative businesses such as electricity trading and virtual power plants are being actively developed, with a revenue growth of 24% year-on-year [7] Financial Summary - The company forecasts revenues of 784 million RMB in 2025, with a year-on-year growth rate of 42.54% [6] - The projected net profit for 2025 is 143 million RMB, reflecting a year-on-year growth of 52.91% [6] - The earnings per share (EPS) is expected to be 1.43 RMB in 2025, with a price-to-earnings (P/E) ratio of 41.51 [6][8] - The return on equity (ROE) is projected to increase to 11.07% in 2025 [6][8]