Arctech Solar(SH:688408) Minsheng Securities·2025-04-17 03:31Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][8]. Core Insights - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 9.026 billion yuan, up 41.25% year-on-year, and net profit attributable to shareholders at 632 million yuan, up 83.03% year-on-year [2]. - The company's tracking bracket segment saw revenue growth of 112.10% year-on-year, with a gross margin of 19.67% and a shipment volume of 17.41 GW, reflecting strong market demand and an increase in market share [3]. - The establishment of a global supply chain system has solidified the company's first-mover advantage in overseas markets, with multiple production bases and regional headquarters enhancing operational efficiency [4]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 10.526 billion yuan, 12.109 billion yuan, and 13.911 billion yuan, respectively, with corresponding net profits of 818 million yuan, 1.057 billion yuan, and 1.278 billion yuan [5][7]. - The company is expected to maintain a strong growth trajectory, with net profit growth rates projected at 29.6% for 2025 and 29.1% for 2026 [12][13].