Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has signed a strategic cooperation agreement with Beili Tongchuang to enhance its photovoltaic expansion efforts [1] - The company has entered the photovoltaic industry through its subsidiary, Aina New Energy, which focuses on the research, production, and sales of photovoltaic composite material frames [1] - Aina New Energy has achieved a production capacity of 1.5GW for polyurethane composite material frames and has received certifications from VDE and TÜV, indicating high product quality [1] - The company is experiencing a steady increase in downstream orders due to the advantages of its polyurethane composite frames over traditional aluminum frames, including lower carbon emissions and corrosion resistance [1] - The strategic cooperation with Beili Tongchuang is expected to accelerate customer expansion and market development [1] Financial Forecasts - Projected revenue for 2024 is 1,331.80 million, with a growth rate of 24.87% [4] - Expected net profit for 2024 is 119.76 million, reflecting a profit growth rate of 59.08% [4] - The company anticipates basic earnings per share (EPS) of 0.30, 0.41, and 0.61 for the years 2024, 2025, and 2026 respectively [4] - The price-to-earnings (PE) ratio is projected to be 39X, 29X, and 19X for the years 2024, 2025, and 2026 respectively [1][4]
上海艾录：签订战略合作协议，光伏拓展进程再提速