Core Viewpoint - The company reported a decline in revenue for 2024 but achieved significant growth in net profit, indicating a structural improvement in profitability driven by the rapid expansion of its overseas solar storage business [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 4.77 billion yuan, a year-on-year decrease of 3.2%, and a net profit attributable to shareholders of 420 million yuan, a year-on-year increase of 46.5% [1] - For Q1 2025, the company reported operating revenue of 830 million yuan, a year-on-year increase of 16.8%, and a net profit attributable to shareholders of 90 million yuan, a year-on-year increase of 71.6% [1] - The gross profit margin for 2024 was 22.9%, an increase of 3.7 percentage points year-on-year, while Q1 2025 saw a gross profit margin of 24.3%, up 0.7 percentage points year-on-year and 5.7 percentage points quarter-on-quarter [1] Group 2: Inverter Business - The company's photovoltaic inverter business generated operating revenue of 2.75 billion yuan in 2024, a year-on-year decrease of 4.5%, with a gross margin of 22.6%, up 5.1 percentage points year-on-year [2] - In 2024, the company sold 25.1 GW of photovoltaic inverters, a year-on-year increase of 7.0% [2] - The company plans to strengthen its market expansion in emerging markets along the Belt and Road Initiative and the Middle East to mitigate risks from policy fluctuations in single countries [2] Group 3: Energy Storage Business - The energy storage business achieved operating revenue of 1.93 billion yuan in 2024, a year-on-year increase of 0.1%, with a gross margin of 22.0%, up 7.1 percentage points year-on-year [3] - The company ranked second in domestic energy storage PCS shipment volume for four consecutive years, focusing on large-scale storage and overseas market expansion [3] - The prices of energy storage systems and PCS saw significant declines due to falling lithium battery raw material prices and increased industry competition, with price drops of approximately 45% and 30% for mainstream products, respectively [3] Group 4: Profit Forecast and Investment Recommendations - The company is projected to achieve operating revenues of 6.43 billion yuan, 8.83 billion yuan, and 10.35 billion yuan for 2025-2027, with year-on-year growth rates of 34.6%, 37.4%, and 17.2% respectively [4] - Net profits attributable to shareholders are expected to be 580 million yuan, 800 million yuan, and 960 million yuan for the same period, with year-on-year growth rates of 38.0%, 37.8%, and 20.7% respectively [4] - The company is expected to maintain steady growth in performance due to its dual-track layout in solar and storage, along with breakthroughs in overseas markets [4]