Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [10]. Core Views - The company has secured a significant order for solar cells, with a contract to supply approximately 2.5 billion pieces of solar monocrystalline cells to JinkoSolar from January 1, 2024, to December 31, 2025 [1]. - The company is collaborating with JinkoSolar and the Ziyang Airport Economic Zone Management Committee to establish a research and manufacturing base with an annual production capacity of 20 GW for silicon wafers and solar cells, with the first phase expected to start construction in April 2024 [1]. - The company anticipates substantial revenue growth, projecting revenues of CNY 3.078 billion, CNY 11.767 billion, and CNY 18.167 billion for 2023, 2024, and 2025, respectively, with corresponding net profits of CNY 210 million, CNY 637 million, and CNY 935 million [4][6]. Financial Summary - The company expects a revenue growth rate of 114.74% in 2023, 282.27% in 2024, and 54.40% in 2025 [4]. - The projected earnings per share (EPS) are CNY 1.46 for 2024 and CNY 4.43 for 2025, with a corresponding price-to-earnings (PE) ratio of 36.70 and 12.09 [4][6]. - The company’s gross margin is expected to decline from 28.19% in 2022 to 14.71% in 2025, while the net profit margin is projected to decrease from 6.77% in 2022 to 5.14% in 2025 [7].
仕净科技事件点评：电池片订单、光伏产能双突破，携手晶科加码光伏业务