Arctech Solar(SH:688408) Xin Lang Cai Jing·2025-05-22 10:38Core Viewpoint - The company reported a net profit attributable to shareholders of 110 million yuan for Q1 2025, a year-on-year decrease of 28.46% and a quarter-on-quarter decrease of 46.06% [1][2] - The company's revenue for Q1 was 1.559 billion yuan, down 14.09% year-on-year and down 48.80% quarter-on-quarter [2] - The company has a significant increase in contract liabilities, amounting to 580 million yuan at the end of Q1, which is a 65.7% year-on-year increase and a 159% quarter-on-quarter increase [3] Revenue and Profit Analysis - The decline in revenue is primarily attributed to the timing of revenue recognition [3] - The estimated revenue, considering contract liabilities, is approximately 2.14 billion yuan for Q1, which is essentially flat year-on-year [3] Order Backlog - The company's order backlog saw a substantial increase, totaling 7.4 billion yuan at the end of Q1, an increase of 600 million yuan year-on-year and 2.75 billion yuan quarter-on-quarter [3] - The order structure includes tracking and fixed supports valued at 5.2 billion yuan and 1.9 billion yuan respectively, corresponding to 13 GW and 9.5 GW of capacity [3] Market Outlook - The company is focusing on emerging markets such as the Middle East, Latin America, and India, where demand for photovoltaic ground-mounted power stations is strong [3] - As a leading brand in tracking supports, the company is expected to maintain a high growth rate in shipments due to its concentration in high-growth markets [3] Profit Forecast - The company forecasts net profits attributable to shareholders of 715 million yuan, 857 million yuan, and 991 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.28%, 19.83%, and 15.56% [4] - The projected earnings per share for the same years are 3.27 yuan, 3.91 yuan, and 4.52 yuan, with corresponding price-to-earnings ratios of 14.42, 12.03, and 10.41 [4]