Linyang Energy(SH:601222) Soochow Securities·2025-06-10 15:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance but is deepening its overseas layout [10] - The smart meter business is developing steadily, with a focus on local overseas markets [19] - The power station business is progressing steadily, with an expanding scale of intelligent operation and maintenance [20] - The energy storage delivery scale is steadily improving, with gross margins above the industry average [21] - Profit forecasts have been adjusted downward for 2025-2026 due to industry policy changes and increased competition, but the company is expected to maintain growth in smart meters and energy storage businesses [23] Summary by Sections 1. Company Overview - The company was established in 1995, initially focusing on smart meter research and production. It has expanded into solar energy and has developed a significant presence in the smart meter market across over 30 countries [13][14] 2. Main Business Segments - The company operates four main business segments: electronic energy meters, power station development and transfer, energy storage, and photovoltaic power generation. In 2024, these segments contributed 40.11%, 17.59%, 13.63%, and 13.07% to total revenue, respectively [14] 3. Recent Financial Performance - In 2024, the company reported total revenue of 67.4 billion yuan, a decrease of 1.9% year-on-year, and a net profit of 7.5 billion yuan, down 27% year-on-year. The gross margin was 29.5%, up 1.1 percentage points year-on-year [16] 4. Smart Meter Business - The company secured a total bidding amount of 1.232 billion yuan in 2024, a 30% increase year-on-year. Overseas revenue reached 1.13 billion yuan, a 34.22% increase year-on-year, with significant orders in the Polish market [19] 5. Power Station Business - The renewable energy segment achieved revenue of 29.01 billion yuan in 2024, with a gross margin of 27.93%. The company has over 1,245 MW of projects under construction and has signed contracts for over 18 GW of power station projects [20] 6. Energy Storage Business - The energy storage segment generated revenue of 9.2 billion yuan in 2024, with a gross margin of 17.64%. The company has delivered over 4.5 GWh of energy storage systems and has a project reserve exceeding 10 GWh [21] 7. Profit Forecasts - The company has adjusted its net profit forecasts for 2025-2026 to 8.4 billion yuan and 9.6 billion yuan, respectively, with expected growth rates of 12% and 13% year-on-year. The net profit for 2027 is projected to be 11.0 billion yuan, reflecting a 15% increase year-on-year [23]