Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Views - The semiconductor business continues to develop, and overseas renewable energy business prospects are promising [1] - In 2024, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, while net profit attributable to the parent company was 323 million yuan, a year-on-year decrease of 25.19% [3] - The company is focusing on expanding its overseas photovoltaic and charging pile businesses, with steady progress in semiconductor product models and new orders [6][7] Financial Performance Summary - In 2024, the company's photovoltaic revenue was 874 million yuan, down 10.27% year-on-year, while semiconductor revenue was 351 million yuan, up 6.41% year-on-year [6] - The gross margin for the semiconductor segment increased significantly, with a gross margin of 53.98% in 2024, up 11.14 percentage points year-on-year [6] - The company expects revenues of 2.201 billion yuan, 2.664 billion yuan, and 3.177 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 430 million yuan, 546 million yuan, and 672 million yuan [9][10] Market Performance Summary - As of April 30, 2025, the company's stock price was 39.90 yuan, with a market capitalization of approximately 8.84 billion yuan [4] - The company's performance over the last 12 months shows a decline of 19.7%, compared to a 4.6% increase in the CSI 300 index [4]