Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a strong expectation for price appreciation [3][6]. Core Insights - The company reported a revenue of 778.6 billion yuan for 2024, a year-on-year increase of 7.8%, and a net profit of 110.4 billion yuan, up 16.9% year-on-year. In Q1 2025, revenue reached 190.4 billion yuan, reflecting a 50.9% year-on-year growth, while net profit was 38.3 billion yuan, up 82.5% year-on-year [3][4]. - The company's operating cash flow significantly improved, with 2024 operating cash flow at 120.7 billion yuan, a 72.9% increase year-on-year, and Q1 2025 cash flow turning positive at 17.9 billion yuan [4]. - The photovoltaic inverter business saw steady growth, with 2024 shipments of 147GW, a 13% increase year-on-year, and revenue of 291.3 billion yuan, up 5.3% year-on-year [4][5]. - The energy storage system shipments surged by 167% year-on-year to 28GWh in 2024, with revenue from this segment reaching 249.6 billion yuan, a 40.2% increase year-on-year [5]. Financial Data Summary - For the fiscal year 2023, the company reported a revenue of 72,251 million yuan, with a year-on-year growth of 79.5%. The net profit was 9,440 million yuan, reflecting a 162.7% increase year-on-year [8][10]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 5.89 yuan, 6.56 yuan, and 7.04 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 10.6, 9.5, and 8.8 [6][8]. - The company's gross margin for 2024 is expected to be 29.9%, with a net profit margin of 14.2% [8][11].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company is experiencing continuous growth in inverter and energy storage shipments, with manageable impacts from tariffs [1][3] - The company's revenue for 2024 is projected to be 77.86 billion, a year-on-year increase of 7.76%, and the net profit is expected to reach 11.04 billion, up 16.92% [5] - In Q1 2025, the company achieved revenue of 19.04 billion, reflecting a 50.92% year-on-year growth, and a net profit of 3.83 billion, which is an 82.52% increase [1][2] Financial Performance - The company’s revenue growth is primarily driven by the increase in shipments of photovoltaic inverters and energy storage systems, with inverter shipments reaching 147 GW, a 13% increase year-on-year, and energy storage shipments at 28 GWh, up 167% [2] - The gross profit margin for the year was 29.94%, an increase of 2.76% compared to the previous year [2] - The company is expected to achieve net profits of 11.87 billion, 13.59 billion, and 15.54 billion for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 5.73, 6.55, and 7.50 [4][5] Market Position and Strategy - The company is enhancing its competitiveness by focusing on technological advancements in power electronics and grid support, while also expanding its product offerings in multiple sectors including photovoltaic inverters and energy storage [3] - The company has established overseas factories in Thailand and India to mitigate the impact of trade barriers and enhance local market capabilities [3] - The introduction of new products, including a micro-inverter series and a 10MWh all-liquid cooling energy storage system, has further solidified the company's market position [2]