Risen Energy(300118) 东方财富·2024-06-27 10:02Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for its stock performance relative to the market index [5]. Core Views - The company has signed a 1GW MOU with MTR Solar, enhancing its global strategic layout and aiming to supply approximately 1.4 million high-efficiency heterojunction solar modules over the next 12 months [2]. - The continuous rise in precious metal prices has led to increased costs for silver paste, a key non-silicon material in solar cells. However, the company's heterojunction modules have managed to keep silver usage below that of PERC and TOPCon technologies, providing a cost advantage [2]. - The company is progressing steadily in its production capacity, with plans to reach 9GW of heterojunction cell capacity and 16GW of module capacity, while maintaining high efficiency levels [2]. Summary by Sections Company Overview - The company has a total market capitalization of approximately 13.95 billion and a circulating market value of about 11.28 billion. The stock has seen a 52-week high of 27.20 and a low of 11.80 [3]. Financial Projections - Revenue projections for 2024-2026 are estimated at 30.34 billion, 37.40 billion, and 41.22 billion respectively, with net profits expected to be 0.98 billion, 1.48 billion, and 1.95 billion [6]. - The company anticipates a decline in revenue in 2024 due to price drops in the photovoltaic industry, but expects recovery in subsequent years [5]. Competitive Positioning - The company is positioned as a leader in heterojunction technology, with a focus on differentiating its products to overcome market saturation [5]. - The average efficiency of the company's heterojunction cells is reported at 26%, with a target to increase to 26.5% by the end of 2024 [2].