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Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% from the current price [6][11]. Core Insights - The company reported a revenue of RMB 664 billion for the first three quarters of 2025, representing a year-over-year increase of 33%, and a net profit of RMB 118.8 billion, up 56% year-over-year [6][8]. - The company holds the global leading market share in energy storage systems and photovoltaic inverters, benefiting from strong global demand for energy storage [6][8]. - The company is expected to see significant profit growth in the coming years, with projected net profits of RMB 156 billion, RMB 197.7 billion, and RMB 231.5 billion for 2025, 2026, and 2027, respectively [8][10]. Company Overview - The company operates in the electrical equipment industry, with a current A-share price of RMB 165.88 and a target price of RMB 220 [2][6]. - Major shareholder is Cao Renxian, holding 30.46% of shares [2]. - The company has a total market capitalization of RMB 263.7 billion [2]. Financial Performance - The company achieved a gross margin of 34.9% in the first three quarters of 2025, an increase of 3.56 percentage points year-over-year [6]. - The revenue from energy storage systems reached RMB 288 billion, a year-over-year increase of 105%, with a shipment volume of 29 GWh, up 70% year-over-year [6][8]. - The company’s earnings per share (EPS) for 2025 is projected to be RMB 7.53, with corresponding P/E ratios of 22, 17, and 15 for 2025, 2026, and 2027, respectively [8][10]. Market Outlook - The global energy storage market is expected to grow at a rate of approximately 50% annually, driven by the economic viability of energy storage systems and increasing electricity demand from AI developments [8]. - The company is enhancing its research and development efforts in energy storage, with the recent launch of the PowerTitan 3.0 smart storage platform [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a strong performance in Q2 2025, with significant growth in revenue and net profit driven by the rapid expansion of its new energy control business and improved cost efficiency [6][8] - The company is expected to achieve a net profit of 6.1 billion, 7.6 billion, and 9.1 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 37%, 26%, and 20% [8] Financial Summary - Total shares outstanding: 454.57 million [2] - Market price: 33.93 CNY [2] - Market capitalization: 15,423.63 million CNY [2] - Revenue for H1 2025 reached 1.884 billion CNY, a year-on-year increase of 36.4% [6] - Net profit for H1 2025 was 243 million CNY, up 56.8% year-on-year [6] - Q2 2025 revenue was 1.111 billion CNY, showing a year-on-year increase of 33.3% and a quarter-on-quarter increase of 43.6% [6] - Q2 2025 net profit was 137 million CNY, a year-on-year increase of 38.1% [6] - Gross margin for H1 2025 was 36.7%, a decrease of 1.9 percentage points year-on-year [6] Business Segmentation - New energy control business revenue in Q2 2025 was 940 million CNY, a year-on-year increase of 49% and a quarter-on-quarter increase of 61% [8] - Engineering transmission business revenue in Q2 2025 was 110 million CNY, a year-on-year decrease of 25% [8] - Other business revenue in Q2 2025 was 65 million CNY, with a gross margin of 65.73% [8] Future Outlook - The company is expected to benefit from high demand in the wind power sector and is accelerating the introduction of ground power station customers in the solar storage field [8] - The company is also focusing on domestic substitution and innovation in the engineering transmission business, aiming to enhance order acquisition [8]