Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [4]. Core Viewpoints - The company achieved a revenue of 64.519 billion yuan in 2024, a year-on-year increase of 12.7%, and a net profit attributable to shareholders of 3.874 billion yuan, up 5.1% year-on-year. For Q1 2025, the revenue was 14.559 billion yuan, down 8.53% year-on-year, but net profit increased by 7.65% year-on-year to 1.163 billion yuan, with a significant quarter-on-quarter increase of 208.81% [1]. - The company's household photovoltaic business continues to lead the industry with a market share that has been at the top for several years, with an annual new installed capacity exceeding 13GW in 2024 and a total installed capacity of over 19GW by the end of 2024 [2][3]. - The inverter and energy storage business is expanding in key markets, maintaining the number one market share in North America and South Korea, while achieving breakthroughs in Europe [4]. Summary by Sections Household Photovoltaic Business - In 2024, the company added over 13GW of new installed capacity, with a total installed capacity exceeding 19GW, maintaining the top market share in the industry. The subsidiary, Zhengtai Aneng, reported a revenue increase of 7.5% to 31.826 billion yuan and a net profit increase of 9.88% to 2.861 billion yuan [2]. Low Voltage Electrical Equipment - The low voltage electrical equipment business saw a revenue increase of 3.89% to 20.922 billion yuan in 2024, with a gross margin increase of 1.97 percentage points to 29.99%. The company is enhancing its domestic and international market presence, particularly in emerging markets [2]. Inverter and Energy Storage Business - The inverter and energy storage business achieved a revenue growth of 31.4% to 1.646 billion yuan in 2024, with a sales volume increase of 0.72% to 169,200 units. The gross margin for this segment increased by 3.13 percentage points to 33.87% [4]. Financial Projections - The company expects net profits of 4.528 billion yuan, 4.980 billion yuan, and 5.509 billion yuan for 2025, 2026, and 2027 respectively, with a downward adjustment of 10% and 7% for 2025 and 2026 [4][6].