Ginlong Technologies(SZ:300763) Bank of China Securities·2025-05-16 10:30Investment Rating - The report maintains a "Buy" rating for the company [2][4][6] Core Views - The company has shown significant improvement in profitability and sales growth in the energy storage inverter segment for Q1 2025, with a notable increase in net profit [4][10] - The report highlights a strong revenue growth forecast for the company, with expected revenue of RMB 7.91 billion in 2025, representing a 21% increase from 2024 [8][10] - The company’s earnings per share (EPS) estimates have been adjusted to RMB 2.63, RMB 2.98, and RMB 3.74 for 2025, 2026, and 2027 respectively, reflecting a positive outlook [6][8] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 6.54 billion, a year-on-year increase of 7.23%, but the net profit decreased by 11.32% to RMB 691 million [10][11] - For Q1 2025, the company reported a revenue of RMB 1.52 billion, an 8.65% increase year-on-year, and a net profit of RMB 194.7 million, marking a substantial growth of 859.78% [10][12] Sales and Margins - The company sold 912,900 photovoltaic inverters in 2024, a 22.26% increase year-on-year, although the revenue from grid-connected inverters decreased by 6.70% [10][11] - The gross margin for the energy storage inverter segment was reported at 27.48%, down 9.60 percentage points year-on-year [10][11] Future Projections - The company is projected to achieve a revenue of RMB 9.14 billion in 2026 and RMB 10.81 billion in 2027, with growth rates of 15.5% and 18.3% respectively [8][10] - The report anticipates a recovery in net profit to RMB 1.05 billion in 2025, with a growth rate of 51.9% [8][10] Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast of 21.1, 18.6, and 14.9 for 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [6][8]