中原证券：给予爱旭股份增持评级

Core Viewpoint - Aixi Co., Ltd. has shown significant improvement in its financial performance in the first half of 2025, with a notable recovery in its second-quarter net profit, driven by strong sales of its ABC photovoltaic components in both domestic and overseas markets [2][3][4]. Financial Performance - In the first half of 2025, the company achieved total operating revenue of 8.446 billion yuan, a year-on-year increase of 63.63% [2]. - The net profit attributable to shareholders was a loss of 238 million yuan, but the loss margin significantly narrowed compared to the previous year [2]. - The net cash flow from operating activities was 1.855 billion yuan, showing a clear turnaround [2]. - The basic earnings per share were -0.13 yuan [2]. Sales and Market Expansion - The company’s ABC photovoltaic components have entered a ramp-up phase, with shipments reaching 8.57 GW in the first half of 2025, a year-on-year increase of over four times [4]. - The sales gross margin for the second quarter was 7.4%, and the net profit margin was 1.16%, with quarter-on-quarter increases of 6.87 and 8.73 percentage points, respectively [3]. - The company has successfully expanded its sales in high-value overseas markets, achieving a price premium of 10%-50% for its ABC components compared to traditional TOPCon components [4]. Technological Advancements - The company holds complete proprietary intellectual property rights for its ABC technology and has made significant advancements in the BC battery field [5]. - As of mid-2025, the company has obtained 37 ABC patent authorizations, including 104 authorized invention patents [5]. - The third-generation "full-screen" components have achieved a conversion efficiency of over 25% [4]. Industry Outlook - The photovoltaic industry is expected to undergo a "de-involution" process, which will lead to the elimination of backward production capacity and improvement in the supply-demand balance [5]. - The central government has proposed measures to regulate excessive competition and promote capacity governance in key industries, which may positively impact the photovoltaic sector [5]. Investment Recommendations - The company is projected to achieve net profits of 258 million yuan, 613 million yuan, and 1.53 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding fully diluted EPS of 0.14 yuan, 0.34 yuan, and 0.84 yuan [6]. - The current stock price of 14.40 yuan per share corresponds to PE ratios of 101.88, 42.88, and 17.18 for the respective years [6]. - Given the company's technological advantages and expansion into overseas markets, it is recommended to maintain an "overweight" investment rating [6].