Arctech Solar(SH:688408) Huaan Securities·2025-09-08 12:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [9]. Core Views - In H1 2025, the company achieved a net profit attributable to shareholders of 158 million yuan, a year-on-year decrease of 31.79%, while revenue reached 4.037 billion yuan, reflecting a year-on-year growth of 19.55% [6]. - The company's gross profit margin has declined due to an increase in the proportion of lower-margin fixed brackets in its sales mix, with fixed bracket revenue rising to 999.8 million yuan, accounting for 24.76% of the bracket business revenue [7]. - As of H1 2025, the company has a backlog of orders worth 7.29 billion yuan, with 5.89 billion yuan attributed to tracking brackets, solidifying its position as the second-largest global player in this segment [8]. Financial Performance Summary - The company is projected to achieve revenues of 9.35 billion yuan, 10.33 billion yuan, and 11.59 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 3.6%, 10.5%, and 12.2% [9]. - The net profit attributable to shareholders is expected to be 710 million yuan, 830 million yuan, and 1.17 billion yuan for the same years, with year-on-year growth rates of 13.0%, 15.8%, and 41.7% [9]. - The company's gross margin is projected to be 18.3% in 2025, decreasing to 17.5% in 2026 and remaining at 17.5% in 2027 [11].