Arctech Solar(SH:688408) Huaan Securities·2025-05-21 03:46Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [7]. Core Views - The company achieved a net profit attributable to shareholders of 632 million yuan in 2024, aligning with market expectations. Revenue for 2024 reached 9.026 billion yuan, reflecting a year-on-year increase of 41.25%, while net profit grew by 83.03% [4][5]. - The total shipment of solar brackets in 2024 increased by 36% year-on-year, driven by rising photovoltaic demand in markets like India and new production capacity [5]. - The company is positioned as a global leader in tracking brackets, with significant market share and ongoing project signings in emerging markets such as the Middle East and Central Asia [7]. Financial Performance Summary - In 2024, the company reported revenue of 90.26 billion yuan, with a year-on-year growth of 41.25%. The net profit attributable to shareholders was 6.32 billion yuan, up 83.03% year-on-year [4][10]. - The company’s gross margin for 2024 was 18.6%, a slight increase of 0.5 percentage points year-on-year. The net profit margin improved to 7.1%, up 1.7 percentage points [6][10]. - Forecasts for 2025, 2026, and 2027 project revenues of 10.6 billion yuan, 11.8 billion yuan, and 13.2 billion yuan, respectively, with corresponding net profits of 9.2 billion yuan, 9.5 billion yuan, and 13.1 billion yuan [7][10].