Investment Rating - The report downgrades the investment rating of the company to "Accumulate" due to the downward trend in photovoltaic grid-connected electricity prices, which is expected to slow down profit growth [4]. Core Views - The photovoltaic manufacturing sector's profitability has stabilized, while the photovoltaic module capacity continues to expand [1]. - The company's revenue for 2024 is reported at 6.039 billion yuan, a decrease of 36.70% year-on-year, with a net profit attributable to shareholders of 1.225 billion yuan, down 22.38% year-on-year [1]. - The first quarter of 2025 shows a revenue of 1.300 billion yuan, down 7.80% year-on-year, and a net profit of 289 million yuan, down 17.62% year-on-year [1]. Summary by Sections Revenue and Profitability - The company's photovoltaic operating business revenue for 2024 is 4.333 billion yuan, a decrease of 4.73% year-on-year, influenced by a decline in grid-connected electricity prices and utilization hours [2]. - The company's total installed photovoltaic capacity reached 6.08 GW by the end of 2024, an increase of 30.00% year-on-year, while the utilization hours decreased by 7.26% to 1239 hours [2]. Manufacturing Sector Performance - The photovoltaic manufacturing sector experienced a significant decline in production and sales volume, with solar product sales volume and production down 46.13% and 64.33% respectively [3]. - The revenue from the photovoltaic manufacturing sector for 2024 is reported at 1.681 billion yuan, a decrease of 66.18% year-on-year, while the cost of raw materials decreased by 66.43% [3]. Future Growth Potential - The company has a robust pipeline of photovoltaic projects, with approximately 12.114 GW of projects in hand, including operational, under construction, and planned projects [3]. - The report projects a net profit of 1.334 billion yuan for 2025, with an expected EPS of 0.34 yuan [4]. Financial Forecasts - The revenue forecast for 2025 is set at 7.150 billion yuan, reflecting an 18.40% growth from 2024 [5]. - The projected net profit for 2026 is 1.435 billion yuan, with an EPS of 0.37 yuan [5].