Flat(601865) 东吴证券·2025-01-24 06:54Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to face short-term pressure on performance due to a slowdown in shipments, but gradual improvement is anticipated in 2025 [1] - The company forecasts a net profit attributable to shareholders of between 940 million to 1.08 billion yuan for 2024, representing a year-on-year decrease of 61% to 66% [7] - The fourth quarter of 2024 is projected to see a slight decline in shipments, with an estimated average price of 10-11 yuan per unit [7] - The company anticipates a recovery in shipments and profitability as prices in the photovoltaic supply chain improve starting January 2025 [7] - The profit forecast for 2024-2026 has been adjusted downwards due to a slowdown in upstream component demand and increased competition [7] Financial Summary - Total revenue for 2024 is estimated at 18.332 billion yuan, a year-on-year decrease of 14.83% [1] - Net profit attributable to shareholders for 2024 is projected at 1.007 billion yuan, a year-on-year decrease of 63.50% [1] - Earnings per share (EPS) for 2024 is expected to be 0.43 yuan [1] - The company’s total assets are projected to be 41.576 billion yuan in 2024, with total liabilities of 18.276 billion yuan [8] - The company’s debt-to-asset ratio is expected to be 43.96% in 2024 [8]