Investment Rating - The report assigns a "Strong Buy" rating for the company with a target price of HKD 0.330, compared to the current price of HKD 0.138 [1][5]. Core Insights - The company, Tongjing New Energy, is a leading provider of photovoltaic tracking and fixed support systems in China, with a strong focus on integrated solutions for photovoltaic power plants [5][6]. - The company has experienced significant revenue growth due to the declining prices of upstream photovoltaic products, enhancing the economic viability of photovoltaic projects [11][24]. - The global transition towards clean energy and the demand for photovoltaic systems are expected to continue growing, providing a stable development space for the photovoltaic support industry [24][25]. - The company is also exploring new energy storage technologies, including innovative compressed air storage solutions, which are anticipated to synergize with its existing photovoltaic business [37][43]. Financial Data and Valuation - The company’s revenue is projected to grow from HKD 1,029.6 million in 2025 to HKD 1,214.3 million in 2026, representing year-on-year growth of 34.4% and 17.9% respectively [3][45]. - The net profit attributable to the parent company is expected to reach HKD 79.5 million in 2025 and remain stable in 2026, with a significant increase of 142.2% in 2025 [3][45]. - The company’s earnings per share are forecasted to be HKD 0.073 in 2025 and HKD 0.065 in 2026 [3][45]. Market Performance - The company’s stock price has shown a significant increase of 55.1% over the past 12 months, despite a decline of 8.0% in the last month [4]. - The company’s market capitalization is approximately HKD 1.69 billion [1]. Industry Overview - The photovoltaic support industry is expected to maintain growth, with the global photovoltaic market projected to add over 500 GW of new installations in 2024, a year-on-year increase of about 30% [24][26]. - The domestic photovoltaic market is anticipated to see new installations between 240-260 GW in 2025, influenced by favorable policies and declining component prices [24][25]. - The market for photovoltaic supports is projected to reach RMB 862 billion in 2024 and RMB 877 billion in 2025, with year-on-year growth rates of 18.5% and 1.8% respectively [25][29].
同景新能源：蓄势腾飞正当时-20250224