Guotou Securities·2025-11-27 05:34Investment Rating - The report does not specify a clear investment rating for the company [7] Core Insights - The company is a leading manufacturer of photovoltaic cells, being one of the first to achieve mass production of TOPCon cells with a capacity of 44.4GW [2][3] - The company has rapidly increased its overseas revenue, which now contributes over 50% to total income, indicating a strong market presence outside of traditional markets [4] - The company has shown improvement in its financial performance, with a reduction in losses reported in the latest quarterly results [5] Company Overview - The company was listed on the Shenzhen Stock Exchange in 2017 and has expanded into the photovoltaic industry through acquisitions, including the purchase of Jietai Technology in 2021 [1] - It is the first company in the photovoltaic sector to be listed on both the A-share and H-share markets, providing a unique dual-platform advantage [1] - The company maintains a competitive edge in both N-type TOPCon and P-type PERC cells, holding a 24.7% market share in TOPCon cells among specialized manufacturers [2] Production Capacity - The company has established two production bases in Chuzhou and Huai'an, each with a capacity of 22.2GW, totaling 44.4GW annually [3] - The production facilities are equipped with advanced automation technology, allowing for rapid scaling of production capacity [3] Financial Performance - In the third quarter, the company reported revenues of 2 billion RMB, a 10% year-on-year increase, and a net loss of 155 million RMB, which is a reduction of approximately 100 million RMB compared to the previous year [5] - Cumulative revenue for the first three quarters of 2025 was 5.68 billion RMB, reflecting a 30.72% year-on-year decrease, primarily due to declining prices of TOPCon cells [5] Market Dynamics - The overseas market for photovoltaic products is experiencing rapid growth, with significant demand emerging from regions such as the Middle East, India, and Africa [4] - The company has established a sales network to enhance its competitiveness in international markets, including agreements with local clients in Turkey to boost production capacity [4] Valuation - The company's current stock price corresponds to a price-to-book (PB) ratio of less than 1, with H-shares trading at a discount of over 60% compared to A-shares, suggesting potential for valuation improvement [5]