Ginlong Technologies(SZ:300763) Bank of China Securities·2025-05-16 08:51Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 55.51 and a sector rating of "Outperform" [2][4]. Core Insights - The company has shown significant improvement in profitability and sales growth in the energy storage inverter segment for Q1 2025, leading to a positive outlook [4][10]. - The forecasted earnings per share (EPS) for 2025-2027 have been adjusted to RMB 2.63, 2.98, and 3.74 respectively, reflecting a decrease from previous estimates due to market conditions [6][8]. - The company’s revenue is projected to grow significantly, with a 21% increase expected in 2025, driven by strong sales in the photovoltaic inverter and energy storage sectors [8][10]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 6,542 million, a year-on-year increase of 7.23%, but a decline in net profit to RMB 691 million, down 11.32% [10][11]. - For Q1 2025, the company achieved a revenue of RMB 1,518 million, up 8.65% year-on-year, with a remarkable net profit increase of 859.78% to RMB 195 million [10][12]. Sales and Growth - The sales volume of photovoltaic inverters reached 912,900 units in 2024, marking a 22.26% increase, while revenue from energy storage inverters grew by 30.37% to RMB 572 million [10][11]. - The household photovoltaic system segment saw a revenue increase of 22.65% to RMB 1,464 million, and the new energy power generation segment experienced a 110.99% revenue growth to RMB 617 million [10][11]. Valuation Metrics - The company’s projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 21.1, 18.6, and 14.9 respectively, indicating a favorable valuation compared to industry peers [6][8]. - The estimated EBITDA for 2025 is RMB 2,364 million, with a corresponding growth rate of 29.8% [8][10].