ABC出货强劲增长、目标营收翻倍，“黑马”爱旭股份终成白马

Core Viewpoint - The article emphasizes that companies adopting Back Contact (BC) technology in the photovoltaic industry are likely to emerge as leaders in the next industry reshuffle, similar to how previous shifts favored companies like Longi during the transition from multi-crystalline to mono-crystalline technology [1][3]. Summary by Sections Industry Trends - The photovoltaic industry is experiencing a transition where BC technology is seen as essential for future growth, with experts stating that all photovoltaic companies must adopt this route to continue developing [1]. - The recent market dynamics show that while there was a surge in demand, the overall performance of listed photovoltaic companies still requires time to improve due to the completion of high-priced overseas orders and rising production costs [3]. Company Performance - Aiko Solar has positioned itself as a potential new leader by focusing on BC technology, which is expected to significantly enhance conversion efficiency and reduce costs [1][5]. - Despite initial skepticism regarding the feasibility and cost-effectiveness of BC technology, Aiko has made substantial progress in developing and marketing its N-type ABC components, achieving notable efficiency and performance metrics [10][11]. Sales and Market Acceptance - Aiko's ABC components have seen a rapid increase in sales, with quarterly shipments growing from hundreds of megawatts to over 4.54 GW in the first quarter of 2025, indicating strong market acceptance and competitive advantage [11][13]. - The company has successfully established a global marketing team to promote its products, leading to a significant increase in sales and market presence [11][13]. Technological Advancements - Aiko's commitment to technological innovation is evident in its development of a silver-free metallization process, which reduces production costs while maintaining high efficiency [15]. - The company is also exploring next-generation BC technologies and collaborating with industry partners to enhance production capabilities and reduce costs [15][20]. Policy and Market Dynamics - Recent policy changes in the photovoltaic industry are pushing for higher efficiency standards, making BC technology a necessary choice for new production capacities [18]. - The industry is moving away from homogeneous production and price competition, creating a favorable environment for high-quality BC products [18][19]. Customer Engagement and Ecosystem Development - Aiko's focus on customer needs has led to the optimization of its ABC components, achieving a 75% bifacial rate and competitive pricing, which has garnered positive feedback from customers [19][20]. - The company is actively building an ecosystem around BC technology, collaborating with various stakeholders to enhance the value chain and market reach [20][21]. Future Outlook - Aiko aims for significant revenue growth, targeting a 100% increase over the next three years, supported by its innovative product offerings and market strategies [23]. - The company is well-positioned to challenge for a top ten global ranking in component shipments by 2025, reflecting its transformation from a "black horse" to a "white horse" in the industry [13][14].