SolaX Power Network Technology (Zhejiang) (SH:688717) Soochow Securities·2026-03-02 10:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 performance is under short-term pressure, but it is expected to reach a turning point in energy storage in 2026 [1] - The revenue for 2025 is projected to be 4.08 billion yuan, a year-on-year increase of 32.82%, while the net profit attributable to the parent company is expected to decline by 42.87% to 116.33 million yuan [1] - The Q4 revenue of 1.05 billion yuan aligns with market expectations, but the net profit turned negative due to increased expenses and asset impairment [1] - The Australian household storage market is accelerating, with expectations for significant growth in Q1 2026, driven by subsidy adjustments [1] - The company is expected to achieve total shipments of 7.5 billion yuan in 2026, with various segments contributing to this growth [1] Financial Forecasts - Total revenue projections for the company are as follows: - 2023: 4.473 billion yuan - 2024: 3.073 billion yuan - 2025: 4.081 billion yuan - 2026: 7.433 billion yuan - 2027: 11.144 billion yuan [1][10] - Net profit forecasts are: - 2023: 1.06462 billion yuan - 2024: 203.6 million yuan - 2025: 116.33 million yuan - 2026: 805.39 million yuan - 2027: 1.28275 billion yuan [1][10] - The projected P/E ratios are: - 2025: 140.34 - 2026: 20.27 - 2027: 12.73 [1][10]