Arctech Solar(688408) 西南证券·2024-11-09 11:08Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 5.982 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 76.3%, and a net profit attributable to shareholders of 427 million yuan, up 171.48% year-on-year. In Q3 2024 alone, the revenue was 2.606 billion yuan, with a year-on-year increase of 77.05%, and a net profit of 196 million yuan, reflecting a growth of 230.39% year-on-year [1]. - The strong performance is attributed to the robust demand for photovoltaic power station installations both domestically and internationally, which has significantly boosted the company's overseas business. The company has a global marketing service network and supply chain delivery system, enhancing its revenue [1]. - The gross profit margin improved by 2.8 percentage points year-on-year, and the net profit margin increased by 2.45 percentage points to 7.80% in Q3 2024. The company also reported a significant improvement in cash flow, with a net cash flow from operating activities of 417 million yuan [1]. - The company has a strong order backlog, with new signed orders for photovoltaic brackets totaling approximately 7 GW, valued at nearly 2.5 billion yuan. The total order backlog stands at approximately 5.99 billion yuan, indicating strong growth potential [1]. - The company has received approval from the CSRC for a non-public offering to raise up to 1.1 billion yuan, aimed at enhancing its competitiveness in the photovoltaic bracket business [1]. Financial Summary - For 2024, the company is projected to achieve a revenue of 9.83 billion yuan, with a growth rate of 53.83%, and a net profit of 700.90 million yuan, reflecting a growth rate of 103.14% [2]. - The earnings per share (EPS) is expected to be 3.46 yuan in 2024, with a price-to-earnings (PE) ratio of 23 [2]. - The company’s return on equity (ROE) is projected to be 20.45% in 2024, indicating strong profitability [2].