中信博 20250828 摘要 中信博 2025 年上半年综合毛利率下降至 8%左右，主要由于国内固定 订单增多，该类订单毛利率较低，以及跟踪支架毛利率从去年同期的 20.8%降至 19%以上，受大型海外订单规模和交付区域变化影响。 公司维持全年营收增长 20%的目标，尽管印度市场交付量减少，但阿丹 尼已解决部分融资问题并开始新订单对接。扣除去年阿达尼大额订单后， 在手跟踪支架订单同比增长 11%。 国内政策调整和反内卷导致部分电站项目延期，组建价格上涨影响招标 流程，可能影响三季度出货节奏。公司正积极调动国际供应链，确保四 季度交付，但部分交付或延迟至 2026 年一季度。 中信博在手跟踪支架订单约 50-60 亿元，订单充足，但大规模订单交付 周期长，对按时交付构成挑战。公司调整交付节奏，叠加新签中小型订 单，以实现全年增长目标。 公司延续抢占国内市场份额策略，通过固定价格送跟踪支架，实现固定 向跟踪转换，提高毛利率。国内市场跟踪支架渗透率提升，但受项目延 期和反内卷影响，年底增速或放缓。 Q&A 请介绍一下中信博 2025 年上半年的整体业绩情况以及毛利率的变化原因。 2025 年上半年，中信博实现营收 ...

Summary of the Conference Call Company and Industry Overview - The conference call focuses on the photovoltaic (PV) tracking bracket market, specifically discussing the company CITIC Bo and its competitive position within the industry [2][3][4]. Key Points and Arguments Market Growth and Demand - The global PV tracking bracket market is experiencing rapid growth, driven by significant demand for ground power stations, although regional penetration rates vary widely [2]. - The demand for tracking brackets is projected to reach approximately 111 GW in 2024, with penetration rates still below 50% in many regions, particularly in the Middle East and India [3]. - China has a high demand for ground power stations but a low penetration rate for tracking brackets, indicating substantial growth potential [3][12]. Competitive Advantages of CITIC Bo - CITIC Bo holds a competitive advantage in emerging markets like the Middle East and India due to its Chinese background, integrated R&D and manufacturing model, and first-mover advantage [2][4]. - The company is expected to increase its market share to over 20% in 2024, driven by increased shipments in these regions [3][4]. Financial Performance and Stock Price - CITIC Bo's stock price has underperformed since 2025, influenced by factors such as lower-than-expected orders and tariff impacts [2][5]. - Despite stock price declines, the company achieved a record high in new orders in Q1, totaling 4.3 billion yuan, with a backlog of 7.3 billion yuan [5][11]. - The company is currently trading at a reasonable valuation of 13-14 times PE, compared to 15-20 times for US peers [7][24]. Industry Dynamics and Challenges - The tracking bracket industry has experienced cyclical fluctuations, with component price declines and recovering overseas demand contributing to industry recovery [2][8]. - Steel price fluctuations pose a risk to profit margins, although the overall impact is mitigated by stable delivery conditions across the industry [10][21]. Regional Market Insights - The US and Europe are mature markets with high penetration rates but slowing growth, while the Middle East and India are emerging markets with significant growth potential [13][14]. - In 2024, India's ground power station installations are expected to grow by 185%, reaching 18.5 GW, with CITIC Bo delivering nearly 10 GW [13][19]. Future Growth and Profitability - The company anticipates a slowdown in tracking bracket shipment growth in 2025 and 2026, following a 128% increase in 2024 [20]. - Long-term growth will depend on maintaining a strong presence in emerging markets and expanding into Europe, Latin America, and the US [25]. - Profitability is projected to exceed 1.5 billion yuan, contingent on global demand growth and steel price stability [25]. Additional Important Insights - The tracking bracket market is characterized by a significant disparity in profit margins between US and Chinese companies, with US firms benefiting from subsidies that enhance their margins [17]. - CITIC Bo's integrated production model allows for faster product iteration and lower costs compared to competitors who separate design and manufacturing [18]. - The company has successfully increased its tracking bracket delivery ratio from 40-50% to around 80%, with margins improving as steel prices decline [8][21]. This summary encapsulates the key insights from the conference call, highlighting the competitive landscape, market dynamics, and future outlook for CITIC Bo and the PV tracking bracket industry.