阿特斯：股权激励彰显未来发展信心

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The recent announcement of a restricted stock incentive plan for 745 employees, granting 69.45 million shares at a price of 5.56 CNY per share, reflects the company's confidence in future development [2] - The introduction of the stock incentive plan during a challenging photovoltaic cycle aims to stabilize employees and enhance competitiveness, especially as the industry faces significant competition and losses [2] - The performance targets set in the incentive plan indicate the company's optimistic outlook, with profit triggers for 2024, 2025, and 2026 set at 2.2 billion, 3.64 billion, and 4.12 billion CNY respectively, showcasing stable profit growth expectations [2] - The company's energy storage business is experiencing explosive growth, with sales of 2.6 GWh in the first half of 2024 and a projected total shipment of 6.5-7 GWh for the year, supported by a backlog of 66 GWh in orders [2] - The report maintains profit forecasts, projecting net profits of 2.962 billion, 3.556 billion, and 4.689 billion CNY for 2024, 2025, and 2026 respectively, with a current PE ratio of 14 times for 2024 [2] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 51.31 billion CNY, with a slight increase to 51.998 billion CNY in 2024, followed by 65.71 billion CNY in 2025 and 78.299 billion CNY in 2026 [3][8] - The net profit for 2023 is estimated at 2.903 billion CNY, with a forecast of 2.962 billion CNY for 2024, 3.556 billion CNY for 2025, and 4.689 billion CNY for 2026 [3][8] - The gross margin is expected to be 15.3% in 2024, with a slight decrease to 14.1% in 2025 and an increase to 14.9% in 2026 [3] - The return on equity (ROE) is projected to be 12.4% in 2024, increasing to 13.3% in 2025 and 15.3% in 2026 [3] Market Data - As of September 25, 2024, the closing price of the stock is 11.34 CNY, with a one-year high of 15.64 CNY and a low of 8.84 CNY [4] - The market capitalization of the circulating A shares is 15.671 billion CNY [4] - The price-to-book ratio is 1.9, and the dividend yield is 1.05% [4]