Arctech Solar(SH:688408) Minsheng Securities·2025-04-17 05:23Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5][8]. Core Insights - The company reported a significant revenue increase of 41.25% year-on-year, reaching 9.026 billion yuan in 2024, with a net profit growth of 83.03%, amounting to 632 million yuan [2]. - The tracking bracket segment saw a remarkable revenue growth of 112.10%, totaling 7.632 billion yuan, with a gross margin of 19.67% [3]. - The company is enhancing its global supply chain system, establishing a strong overseas first-mover advantage through localized production and strategic international partnerships [4]. Financial Performance Summary - In 2024, the company achieved total revenue of 9.026 billion yuan, with a net profit of 632 million yuan, and a non-recurring net profit of 602 million yuan, reflecting year-on-year growth rates of 41.25%, 83.03%, and 96.51% respectively [2][7]. - The company forecasts revenues of 10.526 billion yuan, 12.109 billion yuan, and 13.911 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 818 million yuan, 1.057 billion yuan, and 1.278 billion yuan [5][12]. - The projected PE ratios for the years 2025, 2026, and 2027 are 12x, 10x, and 8x respectively, indicating a favorable valuation trend [5][12].