Workflow
锦浪科技(300763):Q1业绩优于预期,经营趋势明确向上

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a revenue of 6.542 billion yuan for 2024, representing a year-on-year growth of 7%, while the net profit attributable to shareholders was 0.691 billion yuan, a decrease of 11% year-on-year. In Q4 2024, revenue was 1.381 billion yuan, down 5% year-on-year and down 24% quarter-on-quarter, with a net profit of 0.022 billion yuan, down 20% year-on-year and down 93% quarter-on-quarter. In Q1 2025, revenue reached 1.518 billion yuan, up 9% year-on-year and up 10% quarter-on-quarter, with a net profit of 0.195 billion yuan, a significant increase of 860% year-on-year and 774% quarter-on-quarter, exceeding expectations for Q1 [2][4] Financial Performance Summary - In 2024, the company sold 910,000 inverters, achieving over 20% year-on-year growth. However, Q4 saw a decline in shipments due to weak demand in major overseas markets. The gross margin for grid-connected inverters was 18.7%, down 3.0 percentage points year-on-year, while the gross margin for energy storage inverters was 27.5%, down 9.6 percentage points year-on-year. The company adjusted its pricing strategy in response to increased competition and a higher proportion of lower-margin sales in overseas markets [10] - The company's power station business generated revenue of 2.08 billion yuan in 2024, a growth of approximately 40%. By the end of the year, the company held a total of 3.7 GW of household photovoltaic systems, with significant growth in power generation revenue. The company sold 137 MW of power stations at an average transaction price of 3.35 yuan/W, generating a profit of 0.02 billion yuan [10] - In Q1 2025, the company achieved a revenue of 1.518 billion yuan, with a quarter-on-quarter increase of 10%, primarily due to a recovery in overseas demand for inverters. The gross margin for Q1 was 32.1%, an increase of 8 percentage points quarter-on-quarter, indicating improved profitability driven by a shift towards higher-margin products [10] - The company reported a 32% increase in sales expenses and a 23% increase in R&D expenses in 2024, reflecting ongoing investments in market expansion and research. Financial expenses doubled to 0.31 billion yuan due to increased financing activities. The contract liabilities at the end of Q1 were 0.19 billion yuan, up 162% year-on-year and 182% quarter-on-quarter, indicating a significant improvement in order intake [10] Future Outlook - The company is expected to achieve profits of 1.2 billion yuan and 1.5 billion yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 18 and 14 times [10]