Investment Rating - The report maintains a "Buy" rating for Infore Enviro with a target price of RMB 6.74 [7][5]. Core Insights - Infore Enviro reported a revenue of RMB 13.118 billion for 2024, a year-on-year increase of 3.85%, and a net profit of RMB 514 million, up 3.04% year-on-year, although below expectations due to credit impairment losses [1][5]. - The company has developed a "full range of smart equipment + full scene smart city services" model, with a significant increase in sales of new energy (NE) equipment, which grew by 177% year-on-year in Q1 2025 [1][2]. - The city services revenue increased by 14.41% to RMB 6.441 billion in 2024, with a gross profit margin improvement of 1.3 percentage points to 18.0% [3]. - Free cash flow grew by 34% year-on-year to RMB 3.56 billion, and the company announced a dividend of RMB 0.19 per share, a 46% increase year-on-year, resulting in a dividend yield of 3.80% [4]. Revenue and Profitability - The revenue from sanitation equipment increased by 2.0% to RMB 5.187 billion in 2024, marking the first increase since 2021, with NE equipment accounting for 22% of total sales [2]. - The company sold 2,691 pure electric sanitation vehicles in 2024, achieving a market share of 30.5%, and this increased to 35% in Q1 2025 with a 117% year-on-year sales growth [2]. Financial Projections - The report projects earnings per share (EPS) of RMB 0.21, RMB 0.27, and RMB 0.33 for 2025, 2026, and 2027 respectively, with a downward adjustment of 19% and 13% for 2025 and 2026 [5][12]. - The expected revenue for 2025 is RMB 14.214 billion, reflecting an 8.35% increase, with net profit projected at RMB 671.15 million, a 30.70% increase [12].

Zhejiang Longsheng's 1Q25 revenue/attributable net profit (NP)/recurring NP were RMB3.24/0.40/0.29bn (-7.2/+100.4/+3.5% yoy, -38.7/-41.5/-57.7% qoq). The 1Q25 attributable NP beat our prior forecast (RMB300mn), mainly driven by its property business. Maintain OVERWEIGHT, considering a demand recovery in dye and intermediate products and continued revenue contributions from property operations. Equity Research Report Zhejiang Longsheng (600352 CH) 1Q25 NP Improved Yoy, Property Business to Contribute Revenue ...

Investment Rating - The investment rating for General Healthy Info & Tech is maintained as BUY with a target price of RMB 22.07 [1][4][7] Core Viewpoints - General Healthy's revenue and attributable net profit for 2024 were RMB 318 million and RMB 33 million respectively, reflecting a year-on-year change of +3.5% and -45.8%, which missed consensus estimates due to short-term disruptions in demand and provisions for asset impairment [1] - In 1Q25, the company reported revenue of RMB 77.06 million and attributable net profit of RMB 3.43 million, showing significant growth of +116.3% in revenue despite a decline of -34.7% in net profit year-on-year, attributed to strategic adjustments and expansion into emerging businesses [1] - The report expresses optimism about the company's potential return to positive earnings growth in 2025 due to proactive expansion into emerging markets and a potential recovery in domestic demand [1] Revenue Segments Summary - Smart pharmacy segment revenue for 2024 was RMB 86.39 million, down -56.8% year-on-year, primarily due to slower hospital bidding processes; however, the segment is expected to recover in 2025 [2] - Intelligent pharmacy intravenous admixture services (PIVAS) saw a remarkable revenue increase to RMB 119 million in 2024, up 675.9% year-on-year, with expectations for continued robust growth in 2025 [2] - Emerging businesses, including logistics and mobile robots, generated RMB 22.79 million in revenue in 2024, indicating potential for further earnings enhancement [2] Business Expansion and Model Innovation - The company has made significant business breakthroughs in regions such as Saudi Arabia, Russia, and Hong Kong, establishing partnerships with distributors across multiple countries [3] - General Healthy is entering the pharmaceutical retail market and plans to replicate its 'smart pharmacy' model nationwide, alongside exploring a 'smart integrated warehouse' model [3] Earnings Forecasts and Valuation - Earnings per share (EPS) forecasts for 2025, 2026, and 2027 are RMB 0.44, RMB 0.59, and RMB 0.76 respectively, reflecting a downward revision from previous estimates [4] - The stock is valued at 50 times the estimated 2025 PE, which is above the peer average of 46 times, with a target price set at RMB 22.07 [4]

Investment Rating - The investment rating for Shuangliang Eco-Energy Systems is maintained at OVERWEIGHT with a target price of RMB4.94 [1][4][7] Core Views - Shuangliang's revenue and net profit for 2024 showed significant declines, with revenue at RMB13,038 million and an attributable net loss of RMB2,134 million, reflecting a year-over-year decrease of 43.7% and 242.1% respectively. However, in 1Q25, the company reported a revenue of RMB2,079 million, a decrease of 51.1% year-over-year but a notable narrowing of losses compared to previous quarters [1][2] - The PV product segment experienced a revenue drop of 49% year-over-year in 2024, but losses have narrowed since the second half of 2024 due to recovering silicon-wafer prices and industry self-discipline agreements [2][3] - The energy-saving and water-saving equipment segment showed resilience with a revenue of RMB3,002 million in 2024, up 1% year-over-year, and is expected to benefit from policy-driven demand in 2025 [3] Financial Performance - For 2025, the attributable net profit forecast has been revised down to RMB164 million from a previous estimate of RMB666 million, with expectations of a gradual recovery in profitability by 2026 [4][11] - The company’s revenue is projected to increase to RMB17,534 million in 2025, representing a 34.48% growth from 2024 [11] - The gross profit margin for the energy-saving and water-saving equipment segment is expected to remain stable at 26.77% in 2025, indicating solid performance in this area [3][11]

Investment Rating - The investment rating for Ginlong Technologies is maintained at OVERWEIGHT with a target price of RMB 56.76 [1][5]. Core Insights - In 2024, Ginlong Technologies reported revenue of RMB 6,542 million, a year-on-year increase of 7.23%, but the attributable net profit decreased by 11.32% to RMB 691 million, primarily due to weaker overseas demand and inventory destocking [1][2]. - The company's power station business showed strong performance, contributing to a significant revenue increase in the first quarter of 2025, with revenue reaching RMB 1,518 million, up 8.65% year-on-year [2][4]. - The inverter segment faced challenges due to overseas destocking and intensified price competition, although the company sold 913,000 units of grid-connected inverters, marking a 22.3% increase year-on-year [3][5]. Financial Performance - In 2024, Ginlong's new energy power production business generated revenue of RMB 617 million, reflecting a substantial year-on-year growth of 111% [4]. - The gross profit margin for the inverter business was under pressure, with a GPM of 18.7% for PV inverters, down 3.0 percentage points year-on-year [3]. - The company revised its net profit forecasts for 2025 and 2026 down to RMB 1,031 million and RMB 1,292 million, respectively, due to the pressures in the inverter market [5]. Market Position - Ginlong Technologies is recognized as a top-tier player in the inverter segment, with strong product capabilities and a favorable outlook for its power production business [1][5]. - The company is aligning its product innovation with market trends, including a convertible-bond issuance plan to increase capacity for high-power grid-connected and hybrid storage inverters [3][5].

Investment Rating - The investment rating for Sineng Electric is maintained at BUY with a target price of RMB 34.00 [1][4][8] Core Views - Sineng Electric's revenue for 2024 is projected at RMB 4,773 million, with an attributable net profit of RMB 419 million, reflecting a year-on-year decline in revenue of 3.2% but a significant increase in net profit of 46.5% [1] - The company is experiencing intensified competition in the energy storage market, particularly in the Middle East, which has affected pricing and shipment volumes [4] - The report anticipates that the company's expansion in overseas markets, particularly in Asia, Africa, Latin America, and Europe, will drive incremental growth [1][4] Financial Performance - For 2024, the revenue from the PV inverter business is expected to be RMB 2.75 billion, down 4% year-on-year, while the gross profit margin (GPM) improved by 2.3 percentage points to 22.6% [2] - Energy storage revenue is projected to be RMB 1.93 billion, largely flat year-on-year, with a GPM increase of 5.8 percentage points to 22.0% [3] - The estimated attributable net profit for 2025 and 2026 is revised down to RMB 610 million and RMB 751 million, respectively, due to lower shipment volume assumptions [4] Market Outlook - The report highlights a robust growth in demand for solar-plus-storage systems both domestically and internationally, which is expected to benefit Sineng Electric's business [4] - The estimated average selling price (ASP) for PV inverters in 2024 is projected to be RMB 0.11/Wh, reflecting an 11% decline year-on-year [2] - The company is expected to maintain a steady ASP for energy storage systems at approximately RMB 0.16/W in 2024 [3]