爱旭股份一季度营收同比增长64.53%，经营性现金流转正

Core Insights - Aiko's revenue for 2024 reached 11.155 billion yuan, with a significant increase in Q1 2025 revenue to 4.136 billion yuan, representing a 64.53% growth compared to Q1 2024 [1] - The ABC component business shipped 6.33 GW in 2024, with Q1 2025 shipments at 4.54 GW, exceeding 70% of the total 2024 shipments and showing over 40% growth from Q4 2024 [1] - Aiko achieved positive operating cash flow in Q1 2025, with a net inflow exceeding 700 million yuan, an increase of 3.124 billion yuan year-on-year, indicating a strong recovery in cash flow [1] Financial Performance - The overall business performance improved significantly due to the increasing sales proportion of N-type ABC components and declining production costs [1] - The new value pricing model led to a rapid increase in sales volume, enhancing the company's operating rate and reducing unit production costs, which improved gross profit margins [1] - The acceleration of inventory turnover reduced impairment losses, mitigating negative impacts on the company's financial performance [1] R&D and Innovation - Aiko has invested over 3.2 billion yuan in R&D over the past three years, focusing on the ABC ecosystem and achieving breakthroughs in N-type ABC component technology [2] - The conversion efficiency of Aiko's ABC components has reached 24.6%, outperforming TOPCon components by 6%-10% in power output [2] - Aiko's third-generation full-screen ABC components began shipping in 2025, with efficiency surpassing 25% [2] Industry Collaboration - Aiko has established a technical consulting service partnership with leading domestic household photovoltaic company Skyworth, promoting external collaboration in BC technology and capacity [3] - This partnership reflects recognition of Aiko's leading N-type BC technology and aims to enhance market share in high-value household scenarios [3] - The company anticipates a growing consensus among enterprises regarding BC technology as the next-generation standard in the photovoltaic industry, leading to increased market share [3]