阿特斯：大储量利创季度新高，股权激励彰显信心

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][2][7]. Core Views - The company reported a revenue of 34.2 billion RMB for the first three quarters of 2024, a year-on-year decrease of 13%, and a net profit attributable to shareholders of 1.955 billion RMB, down 31% year-on-year [1]. - The company has a strong order reserve in the energy storage sector, with approximately 66 GWh of orders as of the end of Q2, and expects to ship 6.5-7 GWh of large storage products in 2024, representing a year-on-year increase of over 500% [1][2]. - The company maintains a competitive edge in the module business through a "profit-first" strategy and a leading global production capacity, achieving a module shipment of 22.9 GW in the first three quarters of 2024, a slight increase year-on-year [2]. - The company has implemented an equity incentive plan for 2024-2026, reflecting confidence in future performance, with profit targets set at 2.75 billion RMB, 4.55 billion RMB, and 5.14 billion RMB for the respective years [2]. Summary by Sections Performance Overview - The company achieved a revenue of 342 billion RMB in the first three quarters of 2024, down 13% year-on-year, and a net profit of 19.55 billion RMB, down 31% year-on-year [1]. - In Q3 alone, the net profit was 7.16 billion RMB, a decrease of 22% year-on-year but an increase of 8% quarter-on-quarter [1]. Operational Analysis - The company has seen significant growth in its energy storage segment, with Q3 shipments reaching 1.8 GWh, marking a new quarterly high [1]. - The company has a robust order backlog, with signed contracts amounting to 2.6 billion USD, supporting anticipated growth in Q4 [1][2]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted to 2.75 billion RMB (-27%), 3.99 billion RMB (-13%), and 4.85 billion RMB (-13%) respectively, with corresponding PE ratios of 20, 14, and 11 times [2][4]. - The company's strong performance in the energy storage sector validates its unique advantages in the solar storage business, justifying the "Buy" rating [2].