Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Insights - The overall scale of the industry remains stable, with a decrease in enthusiasm leading to differentiation among companies [12][19]. - Policy expectations are anticipated to strengthen further, driven by public statements from industry leaders [22][23]. - New technologies, particularly BC technology, are gaining attention, while other routes are progressing steadily [26][28]. - Auxiliary materials and equipment are advancing with BC and TOPCon modifications, contributing to efficiency improvements [46][62]. - Inverters are evolving, with a focus on commercial storage solutions and continued iterations in large-scale storage [67][82]. Summary by Sections Overall - The scale of the industry is stable with over 3,500 participating companies and more than 500,000 attendees, showing no significant change from 2024 [19]. - There is a noticeable decrease in overall enthusiasm, with some exhibition spaces left vacant, indicating a divergence in interest between leading and smaller companies [19]. Policy - Industry leaders are actively promoting policy implementation, with initial solutions proposed to address the "internal competition" in the silicon material sector [23]. - The asset-liability ratio in the photovoltaic main industry chain has shown a significant increase, indicating financial pressures [24]. New Technologies - The HIBC technology from Longi has achieved a standard module power of over 700W, while Aiko's ABC modules have a double-sided rate of 80% ± 5% [28]. - The TOPCon route focuses on efficiency improvements, with leading companies showcasing modules with power ratings up to 670W and conversion efficiencies of 24.8% [33]. - HJT technology is also advancing, with Tongwei's HJT module reaching a power output of 790.8W, marking a significant achievement in the sector [41]. Auxiliary Materials & Equipment - Leading manufacturers are launching BC-specific products, including low-weight encapsulation films and high-reflectivity black materials [46]. - The introduction of low-cost metal solutions is becoming a trend, with companies like Jingsilver and Shanghai Silver Paste showcasing their innovations [52]. - Equipment for TOPCon modifications is gaining traction, with edge passivation becoming a mainstream technology [62]. Inverters - The focus on commercial storage products is evident, with new high-power products being prominently displayed at the SNEC exhibition [67]. - The latest large-scale storage solutions, such as the PowerTitan3.0 from Sungrow, feature significant upgrades in capacity and efficiency [82].

Core Viewpoint - The company reported a strong performance for 2024, with revenue reaching 9.026 billion yuan, a year-on-year increase of 41.25%, and a net profit attributable to shareholders of 632 million yuan, up 83.03% [1] Financial Performance - In Q4 2024, the company achieved revenue of 3.044 billion yuan, reflecting a year-on-year growth of 1.56% and a quarter-on-quarter increase of 16.81%, with a net profit of 204 million yuan, up 8.84% year-on-year and 4.23% quarter-on-quarter [1] - The company set aside a total of 194 million yuan for various impairment provisions as a precautionary measure [1] - The proposed dividend distribution for 2024 is 10 yuan per share (including tax), with a total cash payout of 217 million yuan, representing 34.40% of net profit [1] Product Performance - The shipment volume of tracking brackets increased significantly, reaching 17.41 GW in 2024, a year-on-year increase of 127.93%, accounting for 87.60% of the bracket business revenue, which is an increase of 24.03 percentage points year-on-year [1] - Fixed bracket shipments totaled 5.80 GW, showing a year-on-year decline of 38.26% [1] - The revenue from tracking brackets reached 7.632 billion yuan, a year-on-year increase of 112.10%, with a gross margin of 19.67%, up 0.15 percentage points year-on-year [2] Market Expansion and Innovation - The company is rapidly expanding into emerging markets, utilizing AI algorithms to enhance power generation efficiency [2] - A notable project in Azerbaijan features the company's Tianji 11 tracking system combined with a second-generation intelligent AI algorithm, achieving over 7% power generation gain while maintaining stability in high wind conditions [2] - The newly launched flexible tracking brackets incorporate innovative wireless multi-point parallel drive technology, suitable for various complex scenarios such as agricultural, fishery, and wastewater treatment applications [2] Future Outlook - The company is expected to achieve net profits of 932 million yuan, 1.148 billion yuan, and 1.414 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 47.5%, 23.3%, and 23.1% respectively, with corresponding EPS of 4.26, 5.26, and 6.47 yuan [2]