AikoSolar(SH:600732) Shanxi Securities·2025-05-13 03:23Investment Rating - The report maintains a "Buy-B" investment rating for the company [1][8]. Core Views - The company has shown significant growth in ABC component shipments, with a total of 15GW in new orders, indicating strong sales performance [4][7]. - The company is expected to recover from its current cycle low, driven by the increasing sales volume of its higher-margin ABC components [7]. - The report forecasts a substantial increase in net profit from 5.5 million yuan in 2025 to 36.8 million yuan in 2027, reflecting a strong growth trajectory [8]. Financial Performance - In 2024, the company reported a revenue of 11.16 billion yuan, a year-on-year decline of 58.9%, with a net loss of 5.32 billion yuan [3][10]. - For Q1 2025, the company achieved a revenue of 4.14 billion yuan, a year-on-year increase of 64.5%, with a net loss of 300 million yuan [3][10]. - The gross margin for Q1 2025 was 0.53%, showing a sequential increase of 13.46 percentage points [3][10]. Production and Capacity - The company has a designed production capacity of 14.8GW for ABC battery components, with an average capacity utilization rate of 78% by the end of 2024 [4][6]. - By the end of 2025, the company expects to exceed 25GW in ABC production capacity and aims to ship 20GW of ABC components [4][6]. Market Position and Competitive Advantage - The average conversion efficiency of ABC batteries has reached 27.3%, with module efficiency at 24.6%, leading the industry [5]. - The pricing of ABC components is 10%-40% higher than that of TOPCon components, indicating a strong market position [5]. Cash Flow and Inventory Management - The company reported a positive cash flow from operating activities of 720 million yuan in Q1 2025, marking a turnaround after four consecutive quarters of negative cash flow [6]. - Inventory levels decreased to 2 billion yuan in Q1 2025, down by 550 million yuan from the previous quarter [6].