东吴证券研报指出，中熔电气25Q2业绩略亮眼、略超预期。公司预告25H1归母净利润1.2-1.5亿元，同比+85%~130%；其中Q2归母净利润0.62~0.92亿元，同比增64%~143%，环比增6%~57%。国内电动车25H1销量高增、且激励熔断器渗透率不断提升。考虑高压快充车型渗透率持续提升，公司25年激励熔断器仍有望保持翻番以上增速，且欧洲电动车销量增速恢复，25年1-5月销量142.3万辆，同比+25%，公司海外熔断器定点开始逐步起量，我们预计Q2公司车端熔断器收入增长50%+，且随着稼动率提升，净利率大幅提升。预计25年光伏预计装机290GW，同比+5%；储能120-130GWh，同比增20%，强制配储取消后，内蒙、河北等地区共享储能需求旺盛，2H预计储能需求环比仍可稳健向上，且公司供货特斯拉上海工厂，已稳健爬坡。公司聚焦高盈利产品，预计全年新能源营收和毛利率基本稳定。考虑25年依赖国内电动车销量高增，公司新能源熔断器销量增势稳健，目标价122元，维持“买入”评级。
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