Array Technologies Inc：减值影响；2025财年盈利预测略低于市场预期-20250228

Investment Rating - The report maintains a neutral investment rating for Array Technologies, indicating that the stock's total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark [14]. Core Insights - Array Technologies reported adjusted EBITDA slightly below market expectations for the fourth quarter, leading to a negative market reaction. The company also reported a net loss due to impairment related to its STI acquisition [1][2]. - For the fiscal year 2025, Array provided revenue guidance of $1.05 to$1.15 billion, representing a year-over-year growth of 15-26%, while adjusted EBITDA guidance is set at $180 to$200 million, which is below the market expectation of $233 million [2][3]. - The company acknowledged ongoing headwinds in the utility-scale solar market but remains optimistic about moderate growth in Europe, despite challenges in Brazil due to currency depreciation and new tariffs on solar components [1][2]. Financial Performance Summary - In Q4 2024, Array reported net revenue of$275 million, a 19% decrease quarter-over-quarter and a 7% decrease year-over-year, with a gross profit margin of 28% [3][6]. - The adjusted net income for Q4 2024 was a loss of $141 million, primarily due to a$74 million non-cash goodwill impairment and a $92 million non-cash long-term intangible asset write-down related to the STI acquisition [3][6]. - The company reaffirmed a strong order backlog of$2 billion, consistent with previous quarters, indicating stable demand despite market challenges [2][3].