Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Views - The company is expected to experience a reversal in its photovoltaic equipment business, with significant growth anticipated in solid-state, energy storage, and battery cell (BC) businesses [7] - The company has secured strategic partnerships and contracts, including a collaboration with Shanghai Yili for solid-state battery solutions, and has established a production base for solid-state batteries in Changzhou [7] - The company has achieved a leading position in the energy storage equipment sector, with over 300 production lines shipped globally, and has established partnerships with major players in the energy storage industry [7] - The photovoltaic segment has shown competitive advantages with its core products, and the acquisition of Wuxi Weiyin Technology has expanded its capabilities in smart software and data services [7] - The earnings forecast for 2025 has been adjusted downwards due to a decline in orders, with projected net profits for 2025-2027 being 792 million, 957 million, and 1,245 million respectively, indicating a lower valuation compared to peers [7] Financial Data and Profit Forecast - Total revenue is projected to be 6,848 million in 2025, with a year-on-year decline of 25.5% [6] - The net profit attributable to the parent company is expected to be 792 million in 2025, reflecting a decrease of 37.8% year-on-year [6] - The earnings per share (EPS) is forecasted to be 2.51 yuan per share in 2025 [6] - The company's return on equity (ROE) is projected to be 16.9% in 2025 [6]