JIANGSU TONGRUN(SZ:002150) Changjiang Securities·2025-04-27 09:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.371 billion yuan in 2024, representing a year-on-year growth of 34%, and a net profit attributable to shareholders of 217 million yuan, which is a significant increase of 237% [2][4]. - In Q4 2024, the company achieved a revenue of 930 million yuan, up 11% year-on-year and 12% quarter-on-quarter, with a net profit of 110 million yuan, reflecting a year-on-year growth of 406% and a quarter-on-quarter growth of 261% [2][4]. - For Q1 2025, the company reported a revenue of 808 million yuan, an 18% increase year-on-year, and a net profit of 18 million yuan, which is a 20% year-on-year growth [2][4]. Summary by Sections Financial Performance - In 2024, the company's solar storage business generated a revenue of 2.02 billion yuan, an 80% increase year-on-year, with inverter sales reaching 8.7 GW, up 108% year-on-year, and energy storage product sales of 0.3 GWh, a 41% increase [10]. - The metal products business achieved a revenue of 1.33 billion yuan in 2024, a 10% year-on-year growth, with a gross margin of 29.7%, which is an increase of 3.4 percentage points [10]. - The company expects to maintain stable operations in the metal products sector while actively expanding into new business areas such as commercial refrigerators and electromechanical products [10]. Market Outlook - The company aims to consolidate its market position in North America and South Korea while expanding into European, African, and Latin American markets [10]. - The North American market is expected to benefit from the company's proactive inventory buildup ahead of tariff implementations, while the European market is anticipated to grow due to increasing demand for ground and commercial storage [10]. - Emerging markets such as Brazil, Ukraine, and Pakistan are also being targeted for further penetration, contributing to performance growth [10]. Profitability Forecast - The company is projected to achieve a net profit attributable to shareholders of 300 million yuan in 2025 and 410 million yuan in 2026, corresponding to price-to-earnings ratios of 13 and 10 times, respectively [10].