Ginlong Technologies(SZ:300763) HTSC·2025-04-30 02:00Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 56.76 RMB [8][9]. Core Insights - The company's revenue for 2024 is projected to be 6.542 billion RMB, a year-on-year increase of 7.23%, while the net profit attributable to shareholders is expected to be 691 million RMB, a decrease of 11.32% compared to the previous year [1][5]. - The first quarter of 2025 shows promising growth with a revenue of 1.518 billion RMB, up 8.65% year-on-year, and a net profit of 195 million RMB, reflecting a significant increase of 860% year-on-year [2][5]. - The company is positioned in the first tier of inverter products, showcasing strong product capabilities despite challenges from overseas inventory reductions affecting demand [5]. Summary by Sections Revenue and Profitability - The company reported a revenue of 13.81 billion RMB in Q4 2024, a decrease of 5.40% year-on-year, with a net profit of 22 million RMB, down 19.99% year-on-year [2]. - The gross margin for Q4 2024 was 23.72%, reflecting a decline due to increased expenses amid reduced demand [2]. Inverter Sales - In 2024, the company sold 913,000 grid-connected inverters, a year-on-year increase of 22.3%, but the revenue from photovoltaic inverters decreased by 6.7% to 3.79 billion RMB [3]. - The company plans to increase production capacity for high-power grid-connected inverters and hybrid energy storage inverters, anticipating a recovery in demand as overseas inventory issues resolve [3]. New Energy Power Generation - The revenue from new energy power generation reached 617 million RMB in 2024, a remarkable increase of 111% year-on-year, with a gross margin of 52.9% [4]. - The company’s subsidiary, specializing in distributed photovoltaic power station development, is expected to benefit from growing industry demand [4]. Financial Forecasts - The company’s net profit forecasts for 2025 and 2026 are adjusted to 1.031 billion RMB and 1.292 billion RMB, respectively, reflecting a downward revision of 26% and 15% from previous estimates [5]. - The projected earnings per share (EPS) for 2025 is 2.58 RMB, with a price-to-earnings (PE) ratio of 22 times based on the target price [5][7].