Sineng(300827) 民生证券·2024-09-02 07:31Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a revenue of 1.926 billion yuan in H1 2024, a year-on-year decrease of 11.53%, while the net profit attributable to the parent company was 161 million yuan, an increase of 18.90% [1]. - The overseas revenue contribution increased significantly, rising from 10% in H1 2023 to 25% in H1 2024, with overseas revenue reaching 475 million yuan, a year-on-year increase of 116% [1]. - The gross margin improved to 22.98%, up 5.62 percentage points year-on-year, driven by cost reductions in R&D and increased overseas business [1]. - The photovoltaic inverter segment saw a revenue increase of 6% to 1.383 billion yuan, with a gross margin of 22.46%, up 2.61 percentage points, primarily due to growth in overseas inverter business [1]. - The energy storage segment experienced a revenue decline of 37.96% to 507 million yuan, but the gross margin improved by 10.85 percentage points to 22.67% [1]. Financial Forecasts - The company expects revenues of 6.785 billion yuan, 8.748 billion yuan, and 11.299 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 37.6%, 28.9%, and 29.2% [2][4]. - The net profit attributable to the parent company is projected to be 521 million yuan, 705 million yuan, and 950 million yuan for the same years, with growth rates of 82.3%, 35.2%, and 34.9% [2][4]. - The price-to-earnings (PE) ratios for 2024, 2025, and 2026 are expected to be 25X, 18X, and 14X, respectively [1][2].