交银国际每日晨报-20250709

Group 1: Company Overview - The report highlights that the company, Aisuo Co., Ltd. (爱旭股份), has received approval for a private placement of funds, which is expected to alleviate its financial pressure significantly [1] - The company's asset-liability ratio reached 86.0% in Q1 2025, and the estimated fundraising of 3.5 billion RMB is projected to reduce this ratio by 9.6 percentage points [1] - Following a 40% increase in stock price since the rating upgrade on April 30, the report suggests that the current valuation is no longer attractive, leading to a downgrade to a neutral rating [1] Group 2: Market Performance - The report anticipates that over 40% of the company's ABC components will be sold in higher-priced overseas markets in Q2, which is expected to significantly reduce losses for the quarter [1] - Recent statements from central government officials emphasize the orderly exit of outdated production capacity, indicating a potential turning point for the photovoltaic supply side [1] Group 3: Stock and Valuation - The closing price of Aisuo Co., Ltd. is reported at 14.63 RMB, with a target price raised to 16.50 RMB, indicating a potential upside of 12.8% [1] - The report notes that further valuation improvement is contingent upon the implementation of substantial policies [1]