GCLSI(002506) Minsheng Securities·2025-01-25 23:33Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [4][7]. Core Views - The company is experiencing short-term pressure on its performance, with a projected net profit for 2024 expected to decline by 49.28% to 65.13% year-on-year, primarily due to supply-demand imbalances and significant price adjustments in the photovoltaic industry [1]. - Despite the challenges, the company has shown continuous improvement in operational capabilities, achieving significant growth in market share and shipment volume in the domestic component market [2]. - The company is accelerating its expansion into the Middle East market, recognizing its vast potential, and has established a regional office in Dubai [3]. Financial Forecasts - The expected revenues for 2024, 2025, and 2026 are projected to be 197.72 billion, 284.87 billion, and 380.27 billion respectively, with corresponding net profits of 0.77 billion, 4.02 billion, and 6.19 billion [4][6]. - The company’s PE ratios for 2025 and 2026 are forecasted to be 37x and 24x respectively, indicating potential for margin improvement as market conditions stabilize [4][6].