In 2024, Ginlong Technologies' (Ginlong) revenue/attributable net profit (NP)/recurring NP were RMB6,542/691/637mn (+7.23/-11.32/-18.94% yoy). The attributable NP was below our previous forecast of RMB1,155mn, mainly due to weaker demand from overseas PV and storage inventory destocking, in our view. In 1Q25, revenue was RMB1,518mn (+8.65% yoy) and the attributable NP was RMB195mn (+860/+774% yoy/qoq), mainly driven by strong revenue growth from power-station business. The company is a top-tier player in th ...

Equity Research Report Sineng Electric (300827 CH) Overseas Expansion Boosted Earnings, Demand Poised to Rise | Huatai Research | Company Update | Rating (Maintain): | BUY | | --- | --- | --- | --- | | 14 May 2025 │ China (Mainland) | Power Equip & New Energy | Target price (RMB): | 34.00 | Sineng Electric's 2024 revenue/attributable net profit (NP) were RMB4,773/419mn (-3.2/+46.5% yoy), the latter missing our prior estimate of RMB503mn, mainly due to weaker shipments of PV inverters to domestic ground-moun ...