AikoSolar(SH:600732) Guohai Securities·2025-05-05 15:16Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][11]. Core Insights - The company has shown a significant improvement in its operational performance, with a strong growth in sales volume of N-type ABC components, achieving a sales revenue of 49.61 billion yuan and a sales volume of 6.33 GW in 2024, which is an increase of nearly 1200% compared to 2023 [6][8]. - In Q1 2025, the company reported a revenue of 41.36 billion yuan, a year-on-year increase of 64.53% and a quarter-on-quarter increase of 26.91%, while the net profit attributable to the parent company was a loss of 3.00 billion yuan, indicating a significant reduction in losses [6][8]. - The gross margin turned positive in Q1 2025, driven by a new business model focused on value pricing, leading to a rapid increase in production capacity and a significant reduction in unit production costs [8]. Summary by Sections Financial Performance - The company reported a revenue of 111.55 billion yuan in 2024, a decrease of 58.94% year-on-year, with a net profit loss of 53.19 billion yuan, a decline of 802.92% [6][10]. - Forecasted revenues for 2025, 2026, and 2027 are 188.50 billion yuan, 247.79 billion yuan, and 319.65 billion yuan respectively, with net profits expected to be 2.88 billion yuan, 9.91 billion yuan, and 20.94 billion yuan [10][11]. Market Position - The company is positioned as a leader in the ABC component market, with expectations for continued cost reductions and rapid sales growth [8][10]. - The report anticipates that the company's component sales volume could reach 20 GW for the full year of 2025 [8]. Valuation Metrics - The current stock price is 10.51 yuan, with projected P/E ratios for 2025, 2026, and 2027 at 67, 19, and 9 times respectively [10][11].