Arctech Solar(688408) 民生证券·2025-02-26 02:23Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Insights - The company achieved a revenue of 8.973 billion yuan in 2024, representing a year-on-year increase of 40.42%, and a net profit attributable to shareholders of 647 million yuan, up 87.60% year-on-year [1][4]. - The company has a strong order backlog of approximately 4.65 billion yuan as of December 31, 2024, with 3.5 billion yuan from tracking systems, ensuring sustained growth in shipment volumes [2]. - A strategic cooperation agreement was signed with Longi Green Energy, aiming for comprehensive collaboration in areas such as new energy development and market expansion, which is expected to enhance the domestic market recognition of tracking systems [3]. Financial Forecasts - Revenue projections for 2025 and 2026 are 11.63 billion yuan and 14.22 billion yuan, respectively, with net profits of 936 million yuan and 1.17 billion yuan, corresponding to PE ratios of 13x and 10x [4][6]. - The company is expected to maintain strong growth rates, with a projected net profit growth of 44.7% in 2025 and 25% in 2026 [6][12].