Sineng(SZ:300827) Tianfeng Securities·2025-05-20 08:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company is expected to achieve steady growth in 2024, with a total revenue of 4.773 billion yuan, a year-on-year decrease of 3.23%, primarily due to a reduction in domestic energy storage system integration business. However, the net profit attributable to the parent company is projected to increase by 46.49% to 419 million yuan, driven by rapid growth in overseas solar storage business [1][4]. - The company has made significant progress in its overseas solar storage business, with overseas revenue reaching 1.164 billion yuan in 2024, a year-on-year increase of 68.74% [2][3]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve total revenue of 4.773 billion yuan, with a net profit of 419 million yuan, reflecting a 46.49% increase year-on-year. The gross margin is projected to be 22.92%, up by 3.69 percentage points [1][4]. - For Q1 2025, revenue is expected to reach 831 million yuan, a year-on-year increase of 16.78%, with a net profit of 88 million yuan, up 71.56% year-on-year [1]. Business Segmentation - In 2024, the photovoltaic segment is expected to generate revenue of 2.750 billion yuan, down 4.45% year-on-year, while the energy storage segment is projected to achieve revenue of 1.928 billion yuan, a slight increase of 0.08% year-on-year [2]. - The company has established a presence in major global solar storage markets, including Europe, India, the Middle East, and North America, enhancing its localized marketing network [3]. Profitability Forecast - The company anticipates rapid growth in its overseas solar storage business in 2024, leading to an acceleration in overall performance. Revenue forecasts for 2025-2027 have been adjusted to 6.24 billion, 7.31 billion, and 8.41 billion yuan, respectively, with net profit forecasts of 639 million, 844 million, and 1.007 billion yuan [4][12]. Valuation Metrics - The current price of the company's stock is 29.25 yuan, with a projected price-to-earnings ratio (P/E) of 16, 12, and 10 for the years 2025, 2026, and 2027, respectively [6][12].