AikoSolar(SH:600732) SINOLINK SECURITIES·2025-08-08 02:01Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.29, 0.66, and 0.97 for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 51, 22, and 15 times [5]. Core Insights - The company achieved a significant revenue increase of 63.63% year-on-year, reaching 8.446 billion yuan in the first half of 2025, while also reducing its net loss to 238 million yuan [2]. - The company's N-type ABC module shipments surged over 400% year-on-year, with ABC module revenue contributing 74% of total revenue, marking a successful transition from a third-party battery supplier to a provider of N-type ABC modules and scenario-based solutions [3]. - The company is strategically positioning itself in high-value markets both domestically and internationally, with ABC modules commanding a premium of 10%-50% over traditional TOPCon modules, and over 50% for the third-generation "full-screen" modules [4]. Summary by Sections Performance Review - In the first half of 2025, the company reported operating revenue of 8.446 billion yuan, a year-on-year increase of 63.63%, and a net loss of 238 million yuan, showing improvement compared to previous periods [2]. Operational Analysis - The ABC component business has significantly increased its share, with shipments reaching 8.57 GW, and the company’s production capacity is nearly fully utilized. The operational cash flow improved to 7.16 billion yuan in Q1 and 11.39 billion yuan in Q2 [3]. Market Positioning - The company is effectively capturing explosive demand in the distributed photovoltaic market, with over 40% of component sales coming from overseas markets, achieving leading market shares in certain European regions [4]. Profit Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted to 524 million yuan (+139%), 1.201 billion yuan (+43%), and 1.771 billion yuan (+29%), with corresponding EPS figures and PE ratios indicating strong future growth potential [5].