业绩简评 2025 年 4 月 28 日，公司发布 2024 年年报及 2025 年一季报。2024 全年公司实现营业收入 98.30 亿元，同比+21.53%；实现归母净利 润 9.26 亿元，同比+1.31%；2025 年一季度实现营业收入 22.29 亿 元，同比+0.47%，实现归母净利润 1.62 亿元，同比-37.69%，业绩 符合预期。 经营分析 大额减值拖累 24 年及 25Q1 业绩，持续推进 HJT 工艺进步：公司 2024 年全年计提减值 5.2 亿元，其中信用减值 3.9 亿元，较 2023 年同期增加 297%；2025Q1 计提信用减值 1.8 亿元，主要是受行业 影响公司部分订单执行放缓或停滞及个别客户继续履约能力较弱 所致。根据公司年报，公司太阳能电池成套生产设备毛利率 27.8%， 同比+2.4PCT，单机毛利率 23.8%，同比+0.8PCT，光伏行业总体毛 利率为 28.0%，同比+1.9PCT,尽管光伏行业当前景气度欠佳，但公 司仍然通过较强的产品竞争力及优化产品结构实现了毛利率的企 稳。在光伏领域，公司前瞻布局 HJT 电池设备领域并逐步放量成 为新的业绩增长点，一方 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 9.83 billion RMB for 2024, a year-on-year increase of 21.53%, and a net profit of 926 million RMB, up 1.31% year-on-year. For Q1 2025, revenue was 2.23 billion RMB, a slight increase of 0.47%, but net profit decreased by 37.69% to 162 million RMB [2]. - The company faced significant impairment losses, totaling 520 million RMB for 2024, with credit impairment accounting for 390 million RMB, a 297% increase from the previous year. In Q1 2025, credit impairment was 180 million RMB, primarily due to industry impacts and weak customer performance [3]. - The company is advancing its HJT technology, launching a 1.2GW HJT battery production line that significantly reduces costs in various areas compared to previous models. The company is also implementing a comprehensive cost reduction and efficiency enhancement strategy [3]. - In the display and semiconductor sectors, the company has made progress in domestic production of precision equipment, including the world's first G3.5 bonding equipment and over 100 units of nanosecond laser equipment for high-end CMOS processing [4]. Summary by Sections Performance Review - In 2024, the company achieved a total revenue of 9.83 billion RMB, with a year-on-year growth of 21.53%. The net profit for the same year was 926 million RMB, reflecting a modest increase of 1.31%. For Q1 2025, the revenue was 2.23 billion RMB, showing a slight growth of 0.47%, while the net profit fell to 162 million RMB, a decrease of 37.69% [2]. Operational Analysis - The company recorded a substantial impairment charge of 520 million RMB in 2024, with credit impairment rising to 390 million RMB, marking a 297% increase from the previous year. The Q1 2025 credit impairment was 180 million RMB, attributed to industry challenges and customer performance issues. Despite the overall industry downturn, the company maintained a gross margin of 27.8% for its solar cell production equipment, up 2.4 percentage points year-on-year [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to 870 million RMB and 610 million RMB, respectively, with a new estimate for 2027 at 680 million RMB. The corresponding EPS for these years is projected to be 3.12, 2.19, and 2.45 RMB, with current price-to-earnings ratios of 37, 52, and 47 times [5].