Core Insights - The user-side energy storage market is experiencing a recovery after a deep reshuffle, with a more concentrated market structure and a return to steady growth in global installations [1] - The industrial storage sector is benefiting from increased policy support across countries, decreasing system costs, and a maturing business model that is becoming highly profitable, indicating a potential high growth phase from 1 to 10 [1] - It is recommended to focus on high-quality niche leaders that possess market first-mover advantages, comprehensive product systems, and efficient execution capabilities [1]

Core Insights - The current overseas storage and industrial storage sectors are at a turning point of industry recovery, with inventory backlog being resolved and downstream market share concentrating, leading to a release of demand from Asia, Africa, and Latin America [1] - It is expected that leading companies will see significant improvement in Q2 2025, exceeding market expectations, and the annual performance will return to a high growth range [1] - The recovery in Australia, Europe, and emerging markets has led to a substantial increase in shipments of small inverters in Q2, with positive guidance for future performance, marking the beginning of a new growth phase for the overseas energy storage inverter industry [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - The company reported a revenue of 3.073 billion yuan in 2024, a year-on-year decrease of 31%, and a net profit attributable to shareholders of 204 million yuan, down 81% year-on-year. In Q4 2024, the revenue was 666 million yuan, up 43% year-on-year but down 19% quarter-on-quarter. For Q1 2025, the revenue was 799 million yuan, an increase of 17% year-on-year and 20% quarter-on-quarter, with a net profit of 46 million yuan, up 35% year-on-year and 7% quarter-on-quarter [2][4]. Financial Performance Summary - In 2024, the company sold 95,000 household storage units, a decrease of 18% year-on-year, primarily due to inventory issues in European channels and weak end-user demand. The company sold 297,000 grid-connected inverters, a 63% increase year-on-year, benefiting from new market exploration in regions like India and Pakistan. The commercial storage segment contributed 100 million yuan in revenue, marking significant growth for a new product [10]. - The gross margin for household storage inverters and battery packs was 40.6%, up 1.9 percentage points year-on-year, while the gross margin for grid-connected inverters was 27.4%, down 6.9 percentage points due to the increased share of lower-margin products in the Indian market. The commercial storage gross margin was 34.7%, with overseas margins exceeding 40% [10]. - For Q1 2025, the company achieved a gross margin of 29.9%, which decreased significantly, likely due to the higher proportion of lower-margin products. The company expects stable gross margins across its product lines in their respective markets [10]. - The company anticipates a profit of around 400 million yuan in 2025, corresponding to a price-to-earnings ratio of 22 times [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7][6]. Core Views - The company reported a revenue of 3.073 billion yuan for 2024, a year-on-year decrease of 31%, and a net profit attributable to shareholders of 204 million yuan, down 81% year-on-year. In Q4 2024, revenue was 666 million yuan, up 43% year-on-year but down 19% quarter-on-quarter. For Q1 2025, revenue reached 799 million yuan, a year-on-year increase of 17% and a quarter-on-quarter increase of 20%, with a net profit of 46 million yuan, up 35% year-on-year and 7% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - In 2024, the company sold 95,000 household storage units, a decrease of 18% year-on-year, primarily due to inventory issues in European channels and weak terminal demand. The company sold 297,000 grid-connected inverters, a 63% increase year-on-year, benefiting from new market exploration in regions like India and Pakistan. The commercial storage segment contributed 100 million yuan in revenue, marking significant growth for a new product [10]. Profitability - The gross margin for household storage inverters and battery packs was 40.6%, up 1.9 percentage points year-on-year. The gross margin for grid-connected inverters was 27.4%, down 6.9 percentage points, mainly due to the increased share of lower-margin products in the Indian market. The commercial storage gross margin was 34.7%, with overseas margins exceeding 40% [10]. Future Outlook - For Q1 2025, the company achieved revenue growth, attributed to a recovery in demand in the Indian market and potential improvements in Europe. The gross margin was 29.9%, reflecting a significant decline, possibly due to the higher proportion of lower-margin products. The company anticipates a continuation of positive trends into Q2, with expectations for revenue growth to drive down expense ratios and enhance earnings elasticity [10][6].

出于对公司发展前景的信心及投资价值的认可，多家上市公司控股股东发起增持"接力赛"。 4月22日晚间，雪天盐业、派能科技、太平鸟齐发控股股东增持公告，其中雪天盐业控股股东湖南盐业集团有 限公司（简称"湖南盐业集团"）刚刚完成上一轮增持，又火速发起下一轮增持计划。 回溯2024年6月，湖南盐业集团发布增持计划，拟斥资1亿元至2亿元增持雪天盐业股份。截至目前，湖南盐业 集团已通过集中竞价交易方式累计增持1895.74万股，占总股本的1.16%，合计增持金额为1亿元，已超前述增 持计划下限，增持实施完毕。 前轮增持计划刚刚完成，湖南盐业集团又马不停蹄地开始筹划新一轮增持。根据公告，该公司本轮对雪天盐业 的累计增持金额不低于1.5亿元，不超过3亿元，后续将根据股票价格波动情况及二级市场整体趋势择机逐步实 施。 截至目前，湖南盐业集团及其一致行动人直接持有雪天盐业35.88%股份，此外还通过"23轻盐EB"担保及信托 专户持有上市公司25.29%股份，合计实际控制的有表决权股份比例为61.17%。 派能科技控股股东中兴新通讯有限公司（以下简称"中兴新"）增持行动颇为迅速。4月22日，中兴新以自有资 金2675.97万元增 ...