AikoSolar(SH:600732) Minsheng Securities·2024-09-03 04:30Investment Rating - The report maintains a "Recommended" rating for the company [2][6] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 5.162 billion yuan, down 68.23% year-on-year, and a net loss of 1.745 billion yuan, an increase of 233.30% in losses compared to the previous year [1] - The sales volume of N-type ABC modules has increased significantly, reaching 1.62 GW, a 232% increase compared to the entire year of 2023, with a notable price premium over other technologies [1] - The company has established strong partnerships with various stakeholders in the distributed project development chain, including major domestic and international clients [1] - The introduction of the N-type full-screen ABC module is expected to lead to technological advancements in the industry, with improved efficiency and power output compared to existing products [1] - The battery cell business remains stable, with a significant increase in overseas sales, and the company has begun mass production of TOPCon battery cells [1] - Future revenue projections for 2024-2026 are 17.818 billion yuan, 33.351 billion yuan, and 39.543 billion yuan respectively, with expected net profits of -2.662 billion yuan, 1.387 billion yuan, and 2.316 billion yuan [2][6] Financial Summary - For the first half of 2024, the company achieved a revenue of 5.162 billion yuan, with a net loss of 1.745 billion yuan and a non-recurring net loss of 2.482 billion yuan [1] - The company’s revenue is projected to grow significantly in 2025 and 2026, with a forecasted increase of 87.2% in 2025 [2][6] - The company’s PE ratio is expected to improve from - in 2024 to 10x in 2025 and 6x in 2026 [2][6]