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, aligning with expectations [2]. - Significant impairment losses impacted the performance in 2024 and Q1 2025, with a total impairment of 520 million RMB for 2024, including a credit impairment of 390 million RMB, which is a 297% increase compared to the same period in 2023. In Q1 2025, credit impairment was 180 million RMB due to industry challenges 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 aspects compared to previous generations. The company is also implementing a comprehensive cost reduction and efficiency enhancement strategy [3]. - The company has made progress in the display and semiconductor sectors, achieving breakthroughs in bonding and grinding equipment, including the delivery of the world's first G3.5 generation bonding equipment and over 100 units of nanosecond laser equipment [4]. Financial Summary - The company's revenue is projected to decline to 9.19 billion RMB in 2025, a decrease of 6.54%, followed by a further drop to 6.23 billion RMB in 2026, and a slight recovery to 6.75 billion RMB in 2027. Net profit is expected to decrease to 871 million RMB in 2025 and 613 million RMB in 2026, before rising to 684 million RMB in 2027 [9]. - The diluted earnings per share (EPS) are forecasted to be 3.12 RMB for 2025, 2.19 RMB for 2026, and 2.45 RMB for 2027, with corresponding price-to-earnings (P/E) ratios of 37, 52, and 47 times [5].

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].