AikoSolar(SH:600732) 光大证券研究·2025-08-12 23:06Core Viewpoint - The company has shown significant growth in revenue and has successfully narrowed its losses, indicating a positive trend in its financial performance and operational efficiency [3][4]. Financial Performance - In the first half of 2025, the company achieved a revenue of 8.446 billion, a year-on-year increase of 63.63%, while the net profit attributable to shareholders was -238 million, reflecting a reduced loss compared to the previous year [3]. - In Q2 2025, the company reported a revenue of 4.311 billion, with a year-on-year growth of 62.77%, and turned a profit with a net profit of 63 million [3]. Product Performance - The company's N-type ABC module shipments reached 8.57 GW in the first half of 2025, representing a year-on-year increase of over 400%. In Q2 2025, the shipment volume was 4.03 GW, which, despite a slight decrease from the previous quarter, led to a successful turnaround to profitability due to product premiumization and cost reductions [4]. - The revenue from ABC business accounted for approximately 74% of total revenue in the first half of 2025, contributing to an improvement in gross margin from -19.35% in Q3 2024 to 7.40% in Q2 2025, an increase of 6.87 percentage points [4]. Technological Innovation - The company is committed to technological innovation, with the second-generation N-type ABC module achieving a conversion efficiency of 24.4%, maintaining the top position in global commercialized module efficiency for 29 consecutive months. The introduction of the third-generation "full-screen" module has further increased conversion efficiency to over 25% [5]. Capital and Cash Flow - The company successfully passed the approval for a private placement to raise up to 3.5 billion for the construction of the 15 GW project in Yiwu, which will alleviate financial pressure. The operating cash flow has improved significantly, with net cash flow from operating activities reaching 716 million and 1.139 billion in Q1 and Q2 2025, respectively [6].