Investment Rating - The investment rating for Shuangliang Eco-Energy Systems is maintained at OVERWEIGHT with a target price of RMB4.94 [1][4][7] Core Views - Shuangliang's revenue and net profit for 2024 showed significant declines, with revenue at RMB13,038 million and an attributable net loss of RMB2,134 million, reflecting a year-over-year decrease of 43.7% and 242.1% respectively. However, in 1Q25, the company reported a revenue of RMB2,079 million, a decrease of 51.1% year-over-year but a notable narrowing of losses compared to previous quarters [1][2] - The PV product segment experienced a revenue drop of 49% year-over-year in 2024, but losses have narrowed since the second half of 2024 due to recovering silicon-wafer prices and industry self-discipline agreements [2][3] - The energy-saving and water-saving equipment segment showed resilience with a revenue of RMB3,002 million in 2024, up 1% year-over-year, and is expected to benefit from policy-driven demand in 2025 [3] Financial Performance - For 2025, the attributable net profit forecast has been revised down to RMB164 million from a previous estimate of RMB666 million, with expectations of a gradual recovery in profitability by 2026 [4][11] - The company’s revenue is projected to increase to RMB17,534 million in 2025, representing a 34.48% growth from 2024 [11] - The gross profit margin for the energy-saving and water-saving equipment segment is expected to remain stable at 26.77% in 2025, indicating solid performance in this area [3][11]