JIANGSU TONGRUN(002150) 东吴证券·2025-04-23 11:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady growth in inverter sales in 2025, with accelerated overseas expansion in energy storage gradually ramping up [1] - The company reported a revenue of 3.37 billion yuan in 2024, a year-on-year increase of 34%, and a net profit of 217.17 million yuan, a year-on-year increase of 237% [8] - The inverter segment is projected to see a revenue increase of 20%+ in 2025, driven by inventory reserves in the U.S. to meet demand [8] Financial Projections - Total revenue is forecasted to grow from 2.52 billion yuan in 2023 to 6.61 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 25.62% [1] - The net profit attributable to the parent company is expected to rise from 64.39 million yuan in 2023 to 515.93 million yuan in 2027, reflecting a significant growth trajectory [1] - The earnings per share (EPS) is projected to increase from 0.18 yuan in 2023 to 1.42 yuan in 2027 [1] Market Performance - The company achieved a gross margin of 30% in 2024, with a slight increase in profitability due to a higher proportion of overseas sales [8] - The toolbox cabinet segment is expected to maintain steady growth, with revenue projected at 10.6 billion yuan in 2024, a year-on-year increase of 20% [8] - The company’s market capitalization is approximately 4.05 billion yuan, with a price-to-earnings (P/E) ratio of 18.67 based on the latest diluted EPS [6][9]