Arctech Solar(SH:688408) East Money Securities·2024-06-21 09:00Investment Rating - The report assigns an "Accumulate" rating for the company [7] Core Views - The company has shown a strong growth in orders on hand, with a high certainty of revenue growth. It ranks among the top 10 global tracking bracket manufacturers and has significantly increased its overseas revenue [2][9] - The company achieved a revenue of 6.39 billion yuan in 2023, representing a year-on-year increase of 72.59%, with a net profit of 345 million yuan, up 676.58% year-on-year [5][9] - The company is expected to continue its growth trajectory, with projected revenues of 9.19 billion yuan, 12.07 billion yuan, and 14.27 billion yuan for 2024, 2025, and 2026 respectively [9] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 6.39 billion yuan, a 72.59% increase year-on-year, and a gross margin of 18.11%, up 5.66 percentage points [5] - The fourth quarter of 2023 saw revenue of 2.997 billion yuan, a 107.58% increase year-on-year, with a gross margin of 19.89% [5] - For Q1 2024, the company achieved revenue of 1.814 billion yuan, a 122.47% increase year-on-year, with a gross margin of 20.79% [5] Business Segments - The fixed bracket revenue was 2.062 billion yuan, up 26.34% year-on-year, while tracking bracket revenue reached 3.598 billion yuan, a 124.13% increase [5] - The company has a robust order backlog, with approximately 4.7 billion yuan in orders as of December 31, 2023, and 6.8 billion yuan as of March 31, 2024 [16] Market Position and Strategy - The company is actively expanding its global presence, particularly in overseas photovoltaic markets, benefiting from the Belt and Road Initiative [2][6] - The decline in photovoltaic raw material prices has positively impacted the company's bracket business, leading to improved profitability [5]