Arctech Solar(SH:688408) Minsheng Securities·2024-08-28 12:45Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Insights - The company achieved a revenue of 3.376 billion yuan in H1 2024, representing a year-on-year increase of 75.73%, with a net profit attributable to shareholders of 231 million yuan, up 135.86% year-on-year [1]. - The company delivered 5.89 GW of tracking brackets in H1 2024, a significant increase of 363.58% year-on-year, while fixed brackets delivered 1.62 GW, down 41.74% year-on-year [2]. - The company has a strong order backlog of 6.669 billion yuan as of June 30, 2024, with tracking brackets accounting for 5.549 billion yuan, a year-on-year increase of 183% [2]. - The company's global market share for tracking bracket systems reached 9% in 2023, an increase of 4 percentage points from 2022, ranking fifth globally [3]. - The company is expanding its global presence, with plans to establish a local production facility in Saudi Arabia, which will enhance its delivery capabilities [3]. Financial Forecasts - The company is projected to achieve revenues of 9.024 billion yuan, 12.401 billion yuan, and 15.555 billion yuan for the years 2024, 2025, and 2026, respectively [4][6]. - The net profit attributable to shareholders is expected to be 681 million yuan, 939 million yuan, and 1.165 billion yuan for the same years, with corresponding PE ratios of 18x, 13x, and 10x [4][6]. - The company’s gross margin is forecasted to be 17.67% in 2024, slightly decreasing to 17.20% by 2026 [8].