Arctech Solar(688408) Guodu Securities·2024-10-09 02:00Investment Rating - The investment rating for the company is maintained as "Recommended" [1] Core Views - The company has received approval from the CSRC for a private placement to raise up to 1.101 billion yuan, issuing 60.7386 million shares [1] - The net proceeds from the fundraising will be allocated to various projects including capacity expansion for photovoltaic tracking systems and the establishment of a photovoltaic supporting industrial park [1] - The company reported a revenue of 3.376 billion yuan in the first half of 2024, a year-on-year increase of 75.73%, and a net profit of 231 million yuan, a year-on-year increase of 136% [1] - The order backlog at the end of Q4 2024 stands at 6.669 billion yuan, with a significant portion from tracking brackets, ensuring strong revenue and profitability moving forward [1] - The company is expected to achieve net profits of 700 million, 900 million, and 1.1 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18.1, 14.1, and 11.5 [1] Financial Data Summary - Main business revenue is projected to be 6.39 billion yuan in 2023, increasing to 9.5 billion yuan in 2024, 12 billion yuan in 2025, and 14.5 billion yuan in 2026, with year-on-year growth rates of 72.6%, 48.7%, 26.3%, and 20.8% respectively [1] - Net profit attributable to shareholders is forecasted to be 350 million yuan in 2023, 700 million yuan in 2024, 900 million yuan in 2025, and 1.1 billion yuan in 2026, with year-on-year growth rates of 676.6%, 102.9%, 28.6%, and 22.2% respectively [1] - Earnings per share (EPS) are expected to be 1.70 yuan in 2023, 3.46 yuan in 2024, 4.45 yuan in 2025, and 5.43 yuan in 2026 [1]