AikoSolar(SH:600732) Dongguan Securities·2025-09-02 09:06Investment Rating - The report assigns a "Buy" rating to the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [9]. Core Insights - The company has turned profitable in Q2 2025, with significant improvements in its financial performance. The revenue for the first half of 2025 reached 8.446 billion yuan, a year-on-year increase of 63.63%, and the net profit attributable to shareholders was -238 million yuan, a reduction in losses by 86.38% [5][9]. - The company is focusing on continuous research and innovation, particularly in the ABC technology, which has led to the production of high-efficiency N-type ABC modules with a conversion efficiency exceeding 25% [4][5]. - The company has successfully penetrated high-value markets, with ABC module shipments reaching 8.57 GW in the first half of 2025, a year-on-year increase of over 400% [5][9]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 4.311 billion yuan, a year-on-year increase of 62.77%, and a net profit of 63 million yuan, marking a 103.80% increase [5]. - The gross margin for Q2 2025 was 7.40%, up 21.64 percentage points year-on-year, and the net margin was 1.16%, an increase of 63.50 percentage points [5]. Market Position and Strategy - The company has optimized its product structure and increased its market share in high-value regions such as Europe, Australia, New Zealand, and Japan, with overseas sales accounting for a growing proportion of total revenue [5]. - The strategic shift from being a third-party battery supplier to a producer of advanced N-type ABC modules and scenario-based products is underway, with ABC components contributing approximately 74% of total revenue in the first half of 2025 [5][9]. Future Projections - The company is projected to achieve total revenue of approximately 20.4 billion yuan in 2025, with net profit expected to turn positive at 244 million yuan [8][9]. - Earnings per share (EPS) are forecasted to be 0.13 yuan in 2025, 0.57 yuan in 2026, and 0.92 yuan in 2027, with corresponding price-to-earnings (PE) ratios of approximately 115, 27, and 17 respectively [8][9].