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].