扣非环比增长，阿尔法优势显著

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported a revenue of 19.721 billion, a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 1.816 billion, up 8.8%. The non-recurring net profit reached 2.025 billion, reflecting a significant year-on-year growth of 26.58% [4][5]. - In Q4 2024, the company achieved a net profit of 166 million, with a non-recurring net profit of 391 million, indicating a quarter-on-quarter growth of 1.31% [4][5]. - The company is focusing on expanding its advanced production capacity and technological upgrades, particularly in the solar energy sector, with plans for multiple projects totaling 13GW of TOPCon high-efficiency battery production [5][6]. Summary by Sections Financial Performance - In 2023, the company achieved a sales volume of approximately 10GW in the photovoltaic sector, a year-on-year increase of 24.27%, with a gross margin of 21% [5]. - The battery sales reached approximately 340 million units, marking a 75.36% increase year-on-year, although the gross margin was only 6.93% due to production ramp-up challenges [5]. - The magnetic materials segment shipped 198,500 tons, a 7.87% increase, but revenue decreased by 11.03% to 3.740 billion due to falling prices [5]. Future Outlook - The company anticipates continued growth in net profit, projecting a net profit of 1.93 billion for 2024, corresponding to a PE ratio of 13 times [6]. - The company is also investing in energy storage solutions, including household and commercial storage products, to diversify its offerings [5].