China Securities·2025-05-19 10:20Investment Rating - The investment rating for the company is "Buy" based on a relative price increase expectation of over 15% within six months [13]. Core Insights - The company reported a significant year-on-year increase in performance for Q1 2025, with total revenue reaching 9.472 billion yuan, a growth of 35.72%, and a net profit attributable to shareholders of 568 million yuan, up 70.84% [2][3]. - The sales capacity for the first quarter was 2.59 GW, marking an 80.16% increase compared to the previous year, with large megawatt units (6 MW and above) accounting for 70.47% of total sales [3][8]. - The company’s gross profit margin for Q1 was 21.8%, reflecting a year-on-year decline of 4.3 percentage points but a quarter-on-quarter increase of 12.5 percentage points [3]. - Operating cash flow showed a significant improvement, with a net outflow of 1.636 billion yuan, a reduction of 72.97% from the previous year [3]. Order Backlog and Forecast - As of March 31, 2025, the company had a total order backlog of 51.1 GW, a year-on-year increase of 51.81%, with external orders at 48.6 GW, including 6.9 GW from overseas [8]. - The company expects revenues of 72.68 billion yuan, 75.36 billion yuan, and 83.93 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 3.06 billion yuan, 3.49 billion yuan, and 4.24 billion yuan [8][9].