融资方面，林洋能源当日融资买入1928.34万元。当前融资余额5.79亿元，占流通市值的4.53%，融资余 额低于近一年10%分位水平，处于低位。 融券方面，林洋能源10月15日融券偿还1.60万股，融券卖出5.87万股，按当日收盘价计算，卖出金额 36.45万元；融券余量29.43万股，融券余额182.76万元，超过近一年60%分位水平，处于较高位。 10月15日，林洋能源涨1.64%，成交额1.65亿元。两融数据显示，当日林洋能源获融资买入额1928.34万 元，融资偿还1494.18万元，融资净买入434.16万元。截至10月15日，林洋能源融资融券余额合计5.81亿 元。 资料显示，江苏林洋能源股份有限公司位于江苏省启东经济技术开发区林洋路666号，成立日期1995年 11月6日，上市日期2011年8月8日，公司主营业务涉及从事智能电网、新能源、储能。主营业务收入构 成为：电能表、系统类产品及配件57.52%，发电业务16.10%，其他产品10.89%，储能业务8.35%，智维 服务3.80%，电站销售3.34%。 截至6月30日，林洋能源股东户数7.89万，较上期增加3.16%；人均流通股26108 ...

Core Viewpoint - Linyang Energy has shown steady growth in its electric meter sales, despite facing challenges from credit impairment and fair value changes impacting profits, leading to a maintained buy rating from analysts [1][2]. Financial Performance Summary - In 2024, Linyang Energy reported a revenue of 6.742 billion yuan, a decrease of 1.89% year-on-year, and a net profit of 753 million yuan, down 27.00% year-on-year. The adjusted net profit was 763 million yuan, reflecting a 12.00% decline [3]. - The fourth quarter of 2024 saw a significant loss of 157 million yuan, a decrease of 187.19% year-on-year and 150.48% quarter-on-quarter. The overall gross margin for 2024 was 29.54%, an increase of 1.11 percentage points, while the net margin was 11.42%, down 3.84 percentage points [3]. - For the first quarter of 2025, the company reported a revenue of 1.124 billion yuan, a decrease of 27.69% year-on-year, and a net profit of 124 million yuan, down 43.26% year-on-year, but showing a recovery from a loss in the previous quarter. The adjusted net profit was 122 million yuan, down 38.62% year-on-year [3]. - The gross margin for Q1 2025 was 27.58%, a decrease of 2.43 percentage points year-on-year, but an increase of 7.66 percentage points quarter-on-quarter. The net margin was 10.67%, down 3.21 percentage points year-on-year [3]. Business Segment Performance - The electric meter business achieved a revenue of 2.704 billion yuan in 2024, representing an 18.94% year-on-year growth, with a corresponding gross margin of 36.12%, up 1.19 percentage points [4]. - The demand for smart electric meters is expected to remain strong, driven by the upgrade of aging equipment in North America and the replacement and technological iteration in mature markets [4]. Valuation and Forecast - The earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 0.41, 0.47, and 0.53 yuan, respectively, with corresponding price-to-earnings ratios of 13.6, 12.1, and 10.6 times. The buy rating is maintained due to the stability of the electric meter business [5].