上能电气：营收结构优化，盈利能力提升-20250425

Investment Rating - The investment rating for the company is "Recommended" [4][14]. Core Views - The company has optimized its revenue structure and improved profitability, with a slight decrease in revenue for 2024 but significant growth in net profit [4][7]. - The company plans to distribute cash dividends and increase share capital through bonus shares [4]. - The company is focusing on expanding its overseas market presence, particularly in Europe, India, and the Middle East, while maintaining a strong position in the domestic market [10]. Financial Performance Summary - In 2024, the company achieved operating revenue of 4.773 billion yuan, a decrease of 3.2% year-on-year, while net profit attributable to shareholders increased by 46.5% to 419 million yuan [4][6]. - For Q1 2025, the company reported operating revenue of 831 million yuan, a year-on-year increase of 16.8%, and net profit of 88 million yuan, up 71.6% [4][7]. - The gross profit margin for 2024 was 22.9%, an increase of 5.79 percentage points from the previous year, with a net profit margin of 8.73% [7][12]. Revenue Breakdown - In 2024, revenue from photovoltaic inverters was 2.750 billion yuan, a decrease of 4.5%, while revenue from energy storage systems increased slightly to 1.928 billion yuan, a growth of 0.1% [7][10]. - The company’s revenue from overseas markets grew significantly by 68.7% to 1.164 billion yuan, accounting for 24.4% of total revenue [7][10]. Market Position - The company ranks fourth in the domestic photovoltaic inverter bidding market with a total winning capacity of 18.2 GW in 2024 [10]. - It is also ranked second in both domestic and overseas markets for energy storage inverters [10]. Future Projections - The company forecasts operating revenues of 6.066 billion yuan in 2025, with a projected net profit of 632 million yuan, reflecting a growth rate of 50.8% [6][12]. - The expected earnings per share (EPS) for 2025 is 1.76 yuan, with a price-to-earnings (P/E) ratio of 16.1 [12].