Group 1 - The core viewpoint of the articles highlights the strong performance of the ChiNext Index and related ETFs, particularly the Tianhong ChiNext ETF and the photovoltaic ETF, indicating a positive trend in the market [1] - The Tianhong ChiNext ETF (159977) has seen a significant increase of 2.38% with a trading volume exceeding 160 million yuan, reflecting active trading [1] - The photovoltaic ETF (159857) has also performed well, rising by 2.31% and reaching a new annual high, with a trading volume close to 150 million yuan [1] Group 2 - The photovoltaic ETF (159857) tracks the CSI Photovoltaic Industry Index, which includes stocks of companies involved in the photovoltaic industry chain, aiming to represent the overall performance of the sector [1] - As of September 26, the Tianhong ChiNext ETF has a circulating scale of 9.639 billion yuan and a circulating share of 5.894 billion [1] - According to Xiangcai Securities, China's newly installed photovoltaic capacity in August 2025 was approximately 7.4 GW, a year-on-year decrease of 55.3%, while the cumulative new capacity from January to August was about 230.6 GW, a year-on-year increase of 64.7% [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][3] Core Views - The company reported a revenue of 18.09 billion yuan for 2024, representing a year-on-year growth of 21%. However, the net profit attributable to shareholders decreased by 7% to 1.86 billion yuan, primarily due to a decline in wind turbine prices and impairment provisions [1][8] - The company has seen a steady increase in wind turbine sales, with a new installation capacity of 9.15 GW in 2024, up 23% year-on-year, capturing approximately 10.5% of the domestic market share [2][11] - The company is actively expanding its overseas market presence, signing contracts for a total of 1,624 MW of wind turbine sales in India, which is expected to significantly boost its overseas order volume [2][12] - The company has also made progress in establishing overseas production capacity, including a wind equipment manufacturing base in Kazakhstan and expansion of its factory in India [2][14] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 18.09 billion yuan, a 21% increase year-on-year, while the net profit attributable to shareholders was 1.86 billion yuan, down 7% [1][8] - The fourth quarter of 2024 saw a revenue of 9.02 billion yuan, a 21% increase year-on-year and a 138% increase quarter-on-quarter [1][8] - The net profit margin for 2024 was 10.3%, a decrease of 3.2 percentage points year-on-year [1][8] Market Position and Growth - The company’s cumulative wind turbine installation capacity exceeded 31.5 GW by the end of 2024, with a domestic market share of approximately 5.6% [2][11] - The company is focusing on enhancing its wind farm resource development, with over 2 GW of self-built wind farms currently under construction [11][12] Future Outlook - The profit forecast for 2025 and 2026 has been revised down to 2.33 billion yuan and 2.82 billion yuan, respectively, reflecting a year-on-year growth of 25% and 21% [3][15] - The current stock price corresponds to a price-to-earnings ratio (PE) of 14.7 for 2025 and 12.2 for 2026 [3][15]