Core Insights - The company achieved significant revenue growth in 2024, with total revenue reaching 3.606 billion, a year-on-year increase of 56%, and a net profit of 240 million, marking a turnaround from losses [1] - In Q1 2025, the company reported revenue of 714 million, up 23% year-on-year, and a net profit of 85 million, a substantial increase of 193% year-on-year [1] - The company is expanding its global presence, particularly in North America and Asia, with projected revenues of 2.1 billion and 1.1 billion respectively for 2024, reflecting growth rates of 61% and 100% [1] Financial Performance - The gross profit margin for 2024 was 44.1%, an increase of 4.3 percentage points, while the net profit margin reached 6.6%, up 14.2 percentage points [1] - In Q1 2025, the gross profit margin was 44.2%, a slight decrease of 2.3 percentage points year-on-year, but an increase of 1.8 percentage points quarter-on-quarter [1] - The company has successfully reduced its expense ratios across various categories, with sales, management, R&D, and financial expense ratios for 2024 at 27.7%, 5.1%, 4.8%, and -0.3% respectively [2] Product Innovation - The company is focusing on product innovation, with solar panel revenue increasing by 92% in 2024, now accounting for 21% of total revenue [3] - In Q1 2025, the company launched the CTB module structure 3000Pro2 flagship series, enhancing its product offerings [3] - A comprehensive product roadmap has been established, covering entry-level solar charging storage, core household backup power, and high-end curved solar tile systems [3] Profit Forecast and Investment Recommendation - The company is projected to achieve net profits of 320 million, 460 million, and 520 million for the years 2025 to 2027, with PE multiples of 25, 17, and 12 respectively [4] - The company is expected to benefit from strong brand power and channel capabilities, positioning it well to capitalize on high industry demand [4]
华宝新能(301327)：独立站+KA渠道带来开门红 大容量高密度新品打开成长边界