Sineng(SZ:300827) Guolian Securities·2024-09-01 07:00Investment Rating - The report maintains a "Buy" rating for the company [2][6][4]. Core Insights - The company's revenue for H1 2024 reached 1.926 billion yuan, a year-on-year decrease of 11.53%, while the net profit attributable to shareholders was 161 million yuan, an increase of 18.90% [6]. - The growth in overseas sales, particularly in the inverter business, significantly contributed to the revenue increase, with overseas revenue rising by 115.46% year-on-year to 475 million yuan, accounting for 24.65% of total revenue [2][6]. - The company is expected to benefit from emerging market demand and the replacement of aging inverters, with a projected revenue growth of 38.16%, 27.56%, and 25.46% for 2024, 2025, and 2026, respectively [6][7]. Summary by Sections Financial Performance - In H1 2024, the photovoltaic inverter business generated revenue of 1.383 billion yuan, up 6.20% year-on-year, while the energy storage business saw a revenue decline of 37.96% to 507 million yuan [6]. - The overall gross margin improved, with the photovoltaic inverter gross margin increasing by 2.61 percentage points to 22.46% and the energy storage gross margin rising by 10.85 percentage points to 22.67% [6][7]. Revenue Forecast - The company forecasts revenues of 6.815 billion yuan, 8.693 billion yuan, and 10.906 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 525 million yuan, 752 million yuan, and 1.060 billion yuan [7][6]. Market Opportunities - The report highlights the potential for growth in new markets, particularly in the Middle East and India, where governments are implementing policies to stimulate solar energy demand [6][7]. - The company ranks fourth globally in photovoltaic inverter shipments and is well-positioned to capitalize on both emerging market opportunities and the replacement demand for aging inverters [6].