Sineng(SZ:300827) Soochow Securities·2025-04-24 11:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing growth in overseas solar storage, with a significant number of orders on hand. The revenue for 2024 is projected to be 4.773 billion yuan, a decrease of 3.23% year-on-year, while the net profit attributable to the parent company is expected to increase by 46.49% to 418.78 million yuan [7][8] - The company’s photovoltaic inverter revenue for 2024 is expected to be 2.75 billion yuan, a decrease of 4.5% year-on-year, while the storage PCS revenue is projected to be 1.93 billion yuan, a slight increase of 0.1% year-on-year. The overall gross margin is expected to improve, particularly in overseas markets [7] - The company has maintained stable operating expenses, with a significant increase in contract liabilities, indicating a strong order backlog. The operating cash flow for 2024 is projected to be 1.2 billion yuan, showing a positive turnaround [7] Financial Projections - Total revenue projections for the company are as follows: 4.933 billion yuan for 2023, 4.773 billion yuan for 2024, 6.672 billion yuan for 2025, 8.632 billion yuan for 2026, and 11 billion yuan for 2027 [1][8] - The net profit attributable to the parent company is forecasted to be 285.87 million yuan for 2023, 418.78 million yuan for 2024, 566.91 million yuan for 2025, 737.34 million yuan for 2026, and 933.42 million yuan for 2027 [1][8] - The earnings per share (EPS) is expected to increase from 0.80 yuan in 2023 to 2.60 yuan in 2027, reflecting a strong growth trajectory [1][8] Market Data - The closing price of the company's stock is 28.21 yuan, with a market capitalization of approximately 10.143 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 24.22 based on the latest diluted EPS [1][5]