Sineng(SZ:300827) HTSC·2025-04-29 07:15Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's revenue for 2024 is projected at 4.773 billion RMB, a year-on-year decrease of 3.2%, while the net profit attributable to the parent company is expected to be 419 million RMB, an increase of 46.5% year-on-year [1] - The company has experienced a significant increase in net profit in Q1 2025, with a year-on-year growth of 71.6% [1] - The company is expanding its product range and driving growth through both domestic and international markets, particularly in Asia, Africa, and Europe [1][4] Revenue and Profitability - The company's photovoltaic inverter business revenue for 2024 is estimated at 2.75 billion RMB, a decrease of 4% year-on-year, with a gross margin of 22.6%, up 2.3 percentage points [2] - The company shipped approximately 25GW of photovoltaic inverters in 2024, with a significant portion being exported [2] - The storage business revenue for 2024 is projected at 1.93 billion RMB, remaining stable year-on-year, with a gross margin of 22.0%, an increase of 5.8 percentage points [3] Future Projections - The report forecasts net profits for 2025 and 2026 at 609.76 million RMB and 751.06 million RMB, respectively, with a new estimate for 2027 at 936.25 million RMB [4] - The target price for the company is set at 34.00 RMB, based on a projected PE ratio of 20 times for 2025 [4][8]