Investment Rating - The report maintains a "Buy" rating for the company with a target price of 70.76 CNY per share, based on a 13x PE for 2024 [6][5]. Core Views - The company is expected to benefit significantly from the high demand in the photovoltaic industry, with projected revenues for its photovoltaic environmental equipment business reaching 31.02 million CNY in 2023, 73.23 million CNY in 2024, and 76.38 million CNY in 2025 [8]. - The carbon capture business is anticipated to experience rapid growth, with expected revenues of 3.72 million CNY in 2023, 9.30 million CNY in 2024, and 18.60 million CNY in 2025 [9]. - The company's TOPCon battery production is set to ramp up, with expected shipments of 10GW in 2024 and 30GW in 2025, leveraging its technological and cost advantages [28][19]. Summary by Sections Revenue Forecast and Investment Recommendations - The company is projected to achieve revenues of 37.01 million CNY in 2023, 134.92 million CNY in 2024, and 232.50 million CNY in 2025, with net profits of 1.94 million CNY, 7.82 million CNY, and 10.35 million CNY respectively [10][12]. - The report highlights the company's strong order acquisition capabilities and profitability, driven by its integrated competitive advantages in the photovoltaic environmental equipment sector [25]. Business Segments - The photovoltaic environmental equipment segment is expected to maintain a gross margin of approximately 26.95% to 26.98% from 2023 to 2025 [8]. - The carbon capture segment is projected to maintain a gross margin of 21.58% throughout the forecast period [9]. - The TOPCon battery segment is expected to achieve gross margins of 22.0% in 2024 and 17.8% in 2025, with a net profit per watt of 0.018 CNY and 0.008 CNY respectively [28]. Market Position and Competitive Landscape - The company has secured a significant contract with JinkoSolar for the supply of 20GW of solar cells, which is expected to enhance its market position [19]. - The report emphasizes the company's technological leadership in TOPCon battery efficiency and its ability to reduce non-silicon costs, which are critical for maintaining profitability in a competitive market [28][19].
与晶科签订20GW电池订单，合资建设20GW切片+电池产能