AikoSolar(SH:600732) Shenwan Hongyuan Securities·2026-02-10 13:10Investment Rating - The report rates the photovoltaic industry as "Overweight," indicating an expectation that the industry will outperform the overall market [2]. Core Insights - The recent patent licensing agreement between Aiko Solar and Maxeon, valued at 1.65 billion yuan over five years, marks a shift in the photovoltaic industry towards intellectual property compliance, moving away from price competition [1][2]. - Aiko Solar is expected to pass on the patent fees to downstream customers, clearing legal barriers for global sales outside the U.S., creating a win-win situation for both parties involved [2]. - The focus of the photovoltaic industry is shifting towards the protection and compliance of core intellectual property, which will help leading companies differentiate themselves from smaller firms, promoting high-quality industry development [2]. - The intensifying patent battles in various technology routes, such as TOPCon, HJT, and BC, suggest a transition towards market-oriented patent operations, benefiting companies with technological advantages [2]. - The report anticipates that by 2026, "patent compliance premiums" will significantly influence domestic and international orders, with high-power and high-efficiency BC products gaining market share [2]. Summary by Sections Company Valuation - Aiko Solar's stock closed at 14.76 yuan with a market capitalization of 31.3 billion yuan, and projected net profits for 2026 are estimated at 1.099 billion yuan, resulting in a PE ratio of 28 [3]. - Longi Green Energy's stock closed at 18.81 yuan with a market capitalization of 142.5 billion yuan, with projected net profits for 2026 at 3.064 billion yuan, leading to a PE ratio of 47 [3]. - Other companies mentioned include Dier Laser, Jinko Solar, and Dongfang Risen, with varying market capitalizations and projected profits [3].