BAMC(601137) SINOLINK SECURITIES·2024-10-25 11:02Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company's revenue for the first three quarters of 2024 reached 14.589 billion RMB, a year-on-year increase of 16.48%, while the net profit attributable to shareholders was 1.098 billion RMB, up 38.81% year-on-year [2]. - The growth in the new energy component business significantly contributed to the performance, with steady shipments of photovoltaic components and improved profitability [2]. - The company is expanding its production capacity in the U.S. and Vietnam, benefiting from strong demand in the U.S. solar market and tax incentives in Vietnam [2]. - The new materials business showed stable growth, particularly in the strip materials segment, which saw a significant year-on-year increase [2]. - The company announced substantial capital increases for its wholly-owned subsidiaries to enhance its photovoltaic cell and component business [2]. Financial Forecast - The company is expected to achieve revenues of 22.2 billion RMB, 24.5 billion RMB, and 24.9 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 1.624 billion RMB, 1.996 billion RMB, and 2.112 billion RMB for the same years [2][4]. - The earnings per share (EPS) are projected to be 2.08 RMB, 2.55 RMB, and 2.70 RMB for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (P/E) ratios of 8.50, 6.92, and 6.54 [2][4].