Investment Rating - The investment rating for the company is "Accumulate" [1][3] Core Views - The company has shown significant growth in ABC module sales, with a notable improvement in cash flow. The first quarter of 2025 saw a rapid increase in revenue, indicating strong market acceptance of its products [3][8] - The earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 0.14, 0.45, and 0.85 RMB respectively, reflecting a significant downward revision from previous estimates [5][7] Financial Summary - The company reported a revenue of 11,155 million RMB in 2024, a decrease of 58.94% year-on-year, with a net profit of -5,319 million RMB, down 802.92% [8][10] - In the first quarter of 2025, the company achieved a revenue of 4,136 million RMB, a year-on-year increase of 64.53%, with a net profit of -300 million RMB, indicating a significant reduction in losses [8][10] - The sales volume of ABC modules reached 6.33 GW in 2024, a year-on-year increase of 1,194.58%, and in the first quarter of 2025, N-type ABC module sales reached 4.54 GW, showing over 500% growth year-on-year [8][10] Valuation Metrics - The company’s projected price-to-earnings (P/E) ratios for 2025-2027 are 76.4, 23.6, and 12.4 respectively, indicating a high valuation in the near term but a more reasonable valuation in the longer term [5][10] - The projected net profit for 2025 is 251 million RMB, with a significant recovery expected in subsequent years, reaching 1,548 million RMB by 2027 [10][12]
爱旭股份(600732):ABC组件销量大幅增长,现金流明显改善