[Table_Title] 研究报告 Research Report 2 Aug 2024 Nextracker Nextracker (NXT US) 收入超出预期；2025 财年业绩再次确认；订单量强劲分原因来自美国； 24 财年指导目标上调约 50-100 Scott Darling Axel Leven scott.darling@htisec.com axel.leven@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] 事件 我们预计 Nextracker 2025 年第一季度的业绩将受到市场的积极评价，该公司报告的 GAAP 净收入远高于预期，这得益 于强劲的执行力、持续的获客、产品创新以及通胀削减法案带来的税收优惠。该公司基本上重申了其 2025 财年的指 导方针，并预计 80% 的积压订单将在未来 8 个季度内实现。Nextracker 一直是我们今年的重点选择之一，这些结果再 次证实了这一观点。 点评 强劲的营收增长：Nextracker 报告 2025 年第一季度收入为 7.199 亿美元（美国占 71%，世界其他 ...

Financial Data and Key Metrics Changes - The company reported a 50% year-on-year growth in revenue for Q1 2025, achieving a record adjusted EBITDA, marking the sixth consecutive quarter of year-over-year growth [6][7] - The backlog increased quarter-over-quarter and is now over $4 billion, with 80% expected to be realized over the next eight quarters [12][13] Business Line Data and Key Metrics Changes - The company launched new product solutions, including the agri PV solution and NX low carbon tracker, and celebrated factory expansions with manufacturing partners [6][7] - The company is taking orders for solar tractor solutions with 100% U.S. domestic content capability, expected to shift in early calendar 2025 [7] Market Data and Key Metrics Changes - Demand for trackers, especially those with domestic content, remains healthy, with firm orders ranging from 40% to 100% domestic content [9] - The company noted that 71% of revenue in Q1 came from the U.S. market, with expectations of a more balanced international mix in the future [15] Company Strategy and Development Direction - The company is focused on executing its plan as the world transitions to renewable energy, positioning itself well with its culture, strategy, team, and market position [7] - The acquisitions of Ojjo and Solar Pile International are aimed at enhancing geotechnical capabilities and addressing difficult soil conditions for solar installations [20][21] Management's Comments on Operating Environment and Future Outlook - Management characterized the AD/CVD issues as a secondary headwind, with construction permits and interconnection delays being larger factors affecting project schedules [12] - The company remains optimistic about the future, with continued healthy demand for its products despite potential election risks [44][45] Other Important Information - The company has established over 20 facilities with manufacturing partners to deliver domestic content, with an annual capacity of over 30 gigawatts [9] - The company is actively participating in discussions around grid-enhancing technologies, which could significantly improve the efficiency of existing transmission lines [16][17] Q&A Session Summary Question: Domestic content and customer orders - Demand is healthy for trackers with domestic content, and firm orders are being placed without waiting for additional guidance [9] Question: Southeast Asia AD/CVD impacts - AD/CVD issues are seen as a secondary headwind, with construction permits and interconnection delays being more significant factors [12] Question: Guidance on adjusted EBITDA - The company expects a more balanced international mix in the back half of the year, which may moderate margins [14][15] Question: Acquisitions and attach rates - The company is excited about the acquisitions, which enhance capabilities in difficult soil conditions, but is not disclosing specific attach rates [20][21] Question: Supply chain costs and inflation - Higher supply chain costs are concentrated in logistics and materials, but the company is well-positioned to manage these costs [50][52] Question: Backlog realization timeline - Project life cycles are lengthening, but the backlog remains solid, with only one project dropping out in the last 12 months [25][26] Question: Pricing strategy and domestic content - Domestic content is a significant factor in pricing strategy, particularly in the U.S. market, which is the most attractive for the company [32] Question: AgriPV market opportunity - The company sees significant potential in the AgriPV space, with ongoing R&D efforts to optimize solar installations for agricultural use [34][36] Question: Election risks and customer sentiment - Most customers view solar as a bipartisan issue, continuing to invest in projects despite upcoming elections [44][45]

Nextracker (NXT) came out with quarterly earnings of $0.93 per share, beating the Zacks Consensus Estimate of $0.66 per share. This compares to earnings of $0.48 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 40.91%. A quarter ago, it was expected that this solar energy equipment supplier would post earnings of $0.59 per share when it actually produced earnings of $0.96, delivering a surprise of 62.71%. Over the last four qua ...

Shares of this solar energy equipment supplier have returned -5.7% over the past month versus the Zacks S&P 500 composite's -1.2% change. The Zacks Solar industry, to which Nextracker belongs, has lost 2.8% over this period. Now the key question is: Where could the stock be headed in the near term? Revisions to Earnings Estimates We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimate ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important? Nextracker currently has an average brokerage recommendation (ABR) of 1.39, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 28 brokerage firms. An ABR of 1.39 approximates b ...

However, every problem brings a solution, and the solution for data centers is to go green. Greener than natural gas. The proliferation of data centers driven by cloud and AI demand is leading to a boom in the renewable energy market, and solar energy is a leading choice. Data centers can range in size and shape but are essentially warehouses filled with racks of servers; warehouses have ample acreage on their roofs well-suited to solar capture. First Solar Today First Solar's NASDAQ: FSLR stock price began ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sellside) analysts often affect a stock's price, do they really matter? With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable ind ...

Shares of this solar energy equipment supplier have returned +30.3% over the past month versus the Zacks S&P 500 composite's +3.3% change. The Zacks Solar industry, to which Nextracker belongs, has gained 16.4% over this period. Now the key question is: Where could the stock be headed in the near term? Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present val ...

Prior to today's trading, shares of the solar energy equipment supplier had gained 31.1% over the past month. This has outpaced the Oils-Energy sector's loss of 4.97% and the S&P 500's gain of 3.96% in that time. In the context of valuation, Nextracker is at present trading with a Forward P/E ratio of 20.83. This indicates a premium in contrast to its industry's Forward P/E of 12.96. Nextracker (NXT) ended the recent trading session at $60.53, demonstrating a +0.41% swing from the preceding day's closing pr ...

In this article Christoph Dernbach | Picture Alliance | Getty Images But Dan Shugar, the CEO of Nextracker, said the low cost and rapid deployment of solar as well as the ambitious climate goals of Big Tech will make renewable energy the preferred power choice for data centers. Stock Chart IconStock chart icon When including wind power, there are about 1,400 gigawatts of renewables seeking connection, which is more than the entire installed capacity of the U.S. electric grid. Gas projects, on the other hand ...