AikoSolar(600732) 东吴证券·2025-02-06 10:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to face significant losses in 2024, with a projected net profit loss of 47.5 to 58.5 billion RMB, and a further decline in operational performance due to industry price pressures and low operating rates [7] - Despite the challenges, the company is seeing high growth in ABC component shipments, with an estimated 3.4 to 3.5 GW expected in Q4 2024, and a target of 20 GW for 2025 [7] - The company’s profitability is anticipated to gradually improve in 2025 as industry prices stabilize and cost reductions are achieved [7] - The forecast for net profit has been revised downwards for 2024-2026, with expected losses of 53.7 billion RMB in 2024, followed by a profit of 7.7 billion RMB in 2025 and 17.9 billion RMB in 2026 [7] Financial Summary - Total revenue for 2024 is projected at 12,063 million RMB, a decline of 55.60% year-on-year, with a recovery expected in subsequent years [1][8] - The company’s net profit for 2024 is forecasted to be a loss of 5,367.70 million RMB, reflecting a year-on-year decrease of 809.30% [1][8] - The earnings per share (EPS) is expected to be -2.94 RMB in 2024, with a recovery to 0.42 RMB in 2025 and 0.98 RMB in 2026 [1][8] - The company’s total assets are projected to decrease from 33,996 million RMB in 2023 to 29,120 million RMB in 2024, before increasing to 45,652 million RMB by 2025 [8]