爱旭股份陈刚：希望优先做高价值市场 将持续提升运营效率

Core Viewpoint - The SNEC photovoltaic exhibition serves as a key indicator of industry trends, with an increasing number of companies entering the BC technology sector, exemplified by Aiko's significant order achievements in this area [2]. Company Performance - Aiko has secured over 2 GW of ABC component agreements during the SNEC exhibition, showcasing its commitment to the BC technology route [2]. - The company plans to start delivering 25% of its components from Q3 2025, with showcased products achieving over 25% conversion efficiency [6]. - In Q1 of this year, Aiko reported a revenue of 4.136 billion yuan, marking a year-on-year increase of 64.53%, with ABC component shipments reaching 4.54 GW, exceeding 70% of the annual target [6]. Operational Strategy - Aiko aims to prioritize high-value markets and is selective about orders, maintaining an order fulfillment rate of 80%-90% [7]. - The company is focused on improving operational efficiency through enhanced turnover rates and increasing effective production capacity while reducing debt levels [8]. - Aiko's inventory turnover is currently under 30 days, with a goal to maintain this efficiency even when including shipping times [8]. Future Outlook - Aiko anticipates reaching approximately 50 GW of production capacity by next year through a combination of in-house production and partnerships [8]. - The company plans to optimize its sales structure and increase its overseas market share, expecting significant improvements in overall business performance this year [8]. - Although ABC component costs are currently higher than TOPCon products, Aiko expects to align costs with TOPCon by the second half of the year, with full value and competitiveness of BC products expected to manifest by 2026 [8].