Investment Rating - The report maintains a "Buy-A" rating for the company [3] Core Views - The company achieved a revenue of 11.21 billion yuan in 2024, representing a year-on-year increase of 49.8%, and a net profit of 2.96 billion yuan, up 65.3% year-on-year [1] - In Q1 2025, the company reported a revenue of 2.57 billion yuan, a 36.2% increase year-on-year, but a 19.6% decrease quarter-on-quarter, with a net profit of 710 million yuan, up 63.0% year-on-year [1] - The inverter business continues to grow, with revenue reaching 5.56 billion yuan in 2024, a 25.4% increase year-on-year, and a gross margin of 47.8% [2] - The energy storage battery pack business saw significant growth, with revenue of 2.45 billion yuan in 2024, a 177.2% increase year-on-year, and a gross margin of 41.3% [2] - The company is expanding its global after-sales service system, establishing service centers in Southeast Asia, Europe, and Africa [2] Financial Data and Valuation - The projected EPS for 2025-2027 is 5.73, 6.95, and 8.54 respectively, with corresponding PE ratios of 15.6, 12.9, and 10.5 [3] - The company’s revenue is expected to grow from 14.44 billion yuan in 2025 to 21.72 billion yuan in 2027, with a net profit increasing from 3.70 billion yuan to 5.52 billion yuan in the same period [11]