AikoSolar(SH:600732) Dongguan Securities·2025-05-29 09:10Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock performance in the near term [1][5]. Core Insights - The company has shown significant improvement in cash flow, with a positive operating cash flow of 716 million yuan in Q1 2025, marking a year-on-year increase of 129.72% and a quarter-on-quarter increase of 1010.01% [5]. - The sales volume of N-type ABC components has surged, with a total sales volume of 6.33 GW in 2024, representing a nearly 12-fold increase compared to 2023, and Q1 2025 sales volume reached 4.54 GW, up over 500% year-on-year [5]. - The company is focusing on continuous R&D and innovation, enhancing its core competitiveness, with the conversion efficiency of ABC batteries reaching over 27.3% in 2024 and expected to exceed 25% with new technologies [5]. Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of 1.155 billion yuan, a year-on-year decrease of 58.94%, and a net profit attributable to shareholders of -5.319 billion yuan, a decline of 802.92% [5][6]. - For Q1 2025, the company achieved a revenue of 4.136 billion yuan, a year-on-year increase of 64.53%, and a net profit of -300 million yuan, a decline of 229.35% [5][6]. Sales and Market Position - The N-type ABC components have gained market acceptance, with over 50 countries and regions involved in sales, and the company has secured over 5 GW in new sales orders in Q1 2025 [5]. - The company’s innovative business model and technological advancements have contributed to its strong sales growth despite a general slowdown in industry demand [5]. Future Projections - The report forecasts EPS for 2025, 2026, and 2027 to be 0.17 yuan, 0.46 yuan, and 0.92 yuan respectively, with corresponding PE ratios of approximately 65 times, 24 times, and 12 times [5][6].