证券研究报告 能辉科技 (301046 CH) 收入延续快速增长，回款明显改善 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 建筑设计及服务 | 目标价(人民币): | 26.78 | 公 司 公 布 上 半 年 业 绩 ： 25H1 收 入 / 归 母 净 利 9.0/0.3 亿 元 ， 同 比 +44.8%/-9.5%，其中 Q2 收入/归母净利 5.9/0.2 亿元，同比+56.7%/+5.5%， Q2 业绩超出我们预期（0.15 亿元），主要系光伏 EPC 业务项目结转加快， 我们认为重卡换电等新业务有望为公司带来新成长空间，维持"增持"。 在建项目加速结转带动系统集成收入增长，毛利率同比承压 25H1 公司光伏电站系统集成/电站运营业务分别实现收入 8.7/0.3 亿元，同 比+44.5%/+76.7%，在建光伏项目加速结转带动系统集成业务收入增长，同 时新建电站投产带动电站运营收入大幅增长。25H1 公司毛利率 12.4%，同 比-4.9 ...

Core Insights - The company reported a total revenue of 64.52 billion yuan for 2024, representing a year-on-year increase of 12.7% [1] - The net profit attributable to shareholders for 2024 was 3.87 billion yuan, up 5.1% year-on-year, while the non-recurring net profit decreased by 3.9% to 3.68 billion yuan [1] - In Q4 2024, the company achieved a revenue of 18.11 billion yuan, a year-on-year increase of 23.8%, but the net profit dropped significantly by 45.8% year-on-year [1] Revenue Breakdown - The photovoltaic business generated 42.99 billion yuan in revenue for 2024, up 19.97% year-on-year, while low-voltage electrical revenue was 20.92 billion yuan, increasing by 3.9% [2] - International revenue reached 10.05 billion yuan, marking a 21.5% year-on-year growth [2] - The revenue from photovoltaic power station engineering contracting was 30.84 billion yuan, up 13.0% year-on-year, and the revenue from power station operation increased by 30.8% to 7.88 billion yuan [2] Profitability Metrics - The overall gross margin for 2024 was 23.50%, an increase of 1.64 percentage points year-on-year, while Q4 2024 gross margin was 18.62%, down 0.32 percentage points [3] - The gross margin for the photovoltaic business was 20.26%, up 1.99 percentage points year-on-year, and for low-voltage electrical, it was 29.99%, up 1.97 percentage points [3] Expense Analysis - The total expense ratio for 2024 was 12.61%, an increase of 1.14 percentage points year-on-year, with the sales expense ratio at 4.10% and the management expense ratio at 3.62% [3] - In Q1 2025, the total expense ratio rose to 13.36%, with notable increases in sales and management expense ratios [3] Other Financial Metrics - As of Q1 2025, inventory reached 48.96 billion yuan, up 35.1% year-on-year, and contract liabilities were 5.20 billion yuan, up 65.9% [4] - The company reported a net cash flow from operating activities of 15.20 billion yuan for 2024, a significant increase of 267.2% year-on-year [4] - The estimated net profit for 2025 is projected to reach 4.6 billion yuan, corresponding to a valuation of 10 times [4]