协鑫科技：与阿联酋主权基金合作，颗粒硅出海在即

Investment Rating - The report maintains a "Buy" rating for the company [2][4][10] Core Insights - The company has entered into a cooperation agreement with Mubadala, the UAE sovereign fund, to explore the development of the first polysilicon production facility in the UAE, with discussions for a legally binding investment agreement ongoing [1] - The UAE government is significantly investing in renewable energy, with plans to increase the share of clean energy in its total energy structure to 30% by 2030, and investing 150 to 200 billion dirhams (approximately 40 to 54 billion USD) over the next seven years [1] - The company's polysilicon project in the Middle East is expected to commence construction in 2024, potentially accelerating the overseas granular silicon project following the agreement with Mubadala [1] Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 27.82 billion, 34.68 billion, and 42.34 billion CNY, respectively, with year-on-year growth rates of -17%, +25%, and +22% [2][7] - The net profit attributable to the parent company is forecasted to be 2.66 billion, 3.79 billion, and 4.93 billion CNY for the same years, with growth rates of +6%, +42%, and +30% [2][7] - The current price-to-earnings (PE) ratios are projected to be 15, 10, and 8 times for the years 2024, 2025, and 2026, respectively [2][7]