Yuneng Technology (SH:688348) Changjiang Securities·2025-05-20 07:20Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.771 billion yuan for 2024, representing a year-on-year growth of 25%. However, the net profit attributable to shareholders decreased by 36% to 140 million yuan. In Q4 2024, revenue fell to 238 million yuan, down 47% year-on-year and 63% quarter-on-quarter, with a net loss of 9 million yuan [2][4]. - For Q1 2025, the company achieved a revenue of 191 million yuan, a decline of 55% year-on-year, while the net profit was 29 million yuan, down 28% year-on-year [2][4]. - The company’s micro-inverter and energy communication products sold 960,000 units in 2024, a slight decrease of 2% year-on-year, with European revenue accounting for 62% of total sales [10]. - The gross margin for micro-inverter and energy communication products was 38.4%, maintaining a good level, while the inventory at year-end was 1.09 million units, a decrease of 21% from the previous year [10]. - The company’s energy storage business generated revenue of 540 million yuan in 2024, with a gross margin of 13.3%, showing significant growth [10]. - The company expects a profit of over 300 million yuan for 2025, with a stable outlook for micro-inverter demand and potential growth in the energy storage sector [10]. Financial Summary - In 2024, total revenue was 1.771 billion yuan, with a gross profit of 548 million yuan, resulting in a gross margin of 31% [13]. - The company’s operating profit for 2024 was 183 million yuan, with a net profit of 145 million yuan, translating to an EPS of 0.90 yuan [13]. - The projected revenue for 2025 is 2.061 billion yuan, with an expected net profit of 314 million yuan and an EPS of 2.01 yuan [13].