LINTON Technologies Group(BJ:835368) KAIYUAN SECURITIES·2025-03-17 05:55Investment Rating - The investment rating for the company is upgraded to "Outperform" [2][4] Core Insights - The company is expected to achieve a net profit of 346 million yuan in 2024, which is a decrease of 49.26% year-on-year, with revenue projected at 5.7 billion yuan, down 5.02% year-on-year [4] - The overall profitability of the photovoltaic industry is under pressure due to supply-demand imbalances and intensified market competition, leading to a general decline in product prices [4] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 346 million yuan, 386 million yuan, and 779 million yuan respectively, with corresponding EPS of 1.47 yuan, 1.64 yuan, and 3.32 yuan [4] - The current stock price corresponds to a PE ratio of 24.1, 21.6, and 10.7 for the years 2024, 2025, and 2026 respectively [4] Financial Summary - The company reported a total revenue of 3.77 billion yuan in 2022, which increased to 6.00 billion yuan in 2023, but is expected to decline to 5.70 billion yuan in 2024 [6] - The gross margin is projected to be 25.6% in 2024, with a net margin of 6.1% [6] - The return on equity (ROE) is expected to be 7.7% in 2024, increasing to 14.5% by 2026 [6] - The company’s total assets are projected to be 10.61 billion yuan in 2024, with total liabilities of 6.36 billion yuan [10]