CHINT ELECTRICS(SH:601877) EBSCN·2025-05-06 03:17Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][16]. Core Insights - The company achieved a revenue of 64.519 billion yuan in 2024, a year-on-year increase of 12.7%, and a net profit attributable to shareholders of 3.874 billion yuan, up 5.1% year-on-year [1]. - In Q1 2025, the company reported a revenue of 14.559 billion yuan, a decrease of 8.53% year-on-year, but a net profit of 1.163 billion yuan, reflecting a year-on-year increase of 7.65% and a significant quarter-on-quarter increase of 208.81% [1]. - The company continues to lead the market in household photovoltaic installations, with an annual new installed capacity exceeding 13 GW in 2024, maintaining a market share at the top of the industry [2][4]. Summary by Sections Household Photovoltaic Business - The company added over 13 GW of new installed capacity in 2024, with a total installed capacity exceeding 19 GW by the end of the year, maintaining its leading market share [2]. - The subsidiary, Zhengtai Aneng, reported a revenue increase of 7.5% to 31.826 billion yuan and a net profit increase of 9.88% to 2.861 billion yuan in 2024 [2]. Low Voltage Electrical Equipment - The low voltage electrical equipment business saw a revenue increase of 3.89% to 20.922 billion yuan in 2024, with a gross margin increase of 1.97 percentage points to 29.99% [2]. - The company is expanding its market presence both domestically and internationally, with local manufacturing plants in Saudi Arabia, Kenya, Brazil, and Mexico [2]. Inverter and Energy Storage Business - The inverter and energy storage business maintained its leading market share in North America and South Korea, with a revenue growth of 31.4% to 1.646 billion yuan in 2024 [4]. - The sales volume of inverters and energy storage products increased by 0.72% to 169,200 units in 2024 [4]. Financial Projections - The company is projected to achieve net profits of 4.528 billion yuan, 4.980 billion yuan, and 5.509 billion yuan for the years 2025, 2026, and 2027 respectively, with a downward adjustment of 10% and 7% for the first two years [4][6]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 11 for 2025 [4].