Yuneng Technology (688348) 国联证券·2024-04-24 07:30Investment Rating - The report assigns a rating of "Accumulate" with a target price of 73.69 yuan, adjusted from a previous rating [10][15]. Core Insights - The company focuses on the photovoltaic power generation sector, providing distributed photovoltaic and energy storage solutions centered around micro-inverters. The revenue from micro-inverter business was 941 million yuan, a year-on-year decrease of 11.61%, with a gross margin of 36.13%, down 2.15 percentage points [2][7]. - The company has expanded its energy storage business, achieving a revenue of 165 million yuan, which accounts for 11.6% of total revenue, indicating rapid growth [9]. - The company faced significant impacts from inventory impairment and increased expenses in R&D and sales, leading to a net profit of 220 million yuan, a decrease of 38.92% year-on-year [7][13]. Financial Data and Valuation - Revenue is projected to grow from 14.20 billion yuan in 2023 to 21.62 billion yuan in 2024, with a growth rate of 52.22% [3][10]. - The net profit is expected to increase from 220 million yuan in 2023 to 340 million yuan in 2024, reflecting a growth rate of 56.15% [3][10]. - The company’s earnings per share (EPS) is forecasted to be 3.07 yuan in 2024, with a three-year compound annual growth rate (CAGR) of 41.88% [10]. Market Position and Strategy - The company is developing a dual-driven market strategy for domestic and international markets, focusing on the integration of photovoltaic and energy storage systems [9][12]. - The company has a significant project pipeline, with over 500 MWh of commercial user-side projects reserved, indicating strong future growth potential [9].