第一太阳能：受益于美国光伏贸易保护

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights that First Solar benefits from U.S. trade protection policies, particularly following the preliminary ruling on anti-dumping and countervailing duties on Southeast Asian solar components [1] - The company is a leader in cadmium telluride (CdTe) thin-film solar modules, focusing on the U.S. market and expanding domestic production capacity, with a backlog of orders totaling 72.8 GW [1] - The projected net profits for 2024-2026 are estimated at $1.406 billion,$2.377 billion, and $3.064 billion, respectively, reflecting year-on-year growth rates of 69.3$10.365 billion, with total liabilities of $3.678 billion, resulting in total equity of$6.687 billion [3] - Revenue for 2023 is reported at $3.319 billion, with projections of$4.233 billion for 2024, $5.707 billion for 2025, and$6.717 billion for 2026, indicating a compound annual growth rate of 26.7% [3] - The gross profit margin is expected to increase from 39.2% in 2023 to 60.1% by 2026, while the net profit margin is projected to rise from 25.0% to 45.6% over the same period [3] Market Dynamics - The U.S. market is expected to see continued expansion in domestic production capacity, with First Solar's production guidance indicating a total capacity of 25.2 GW by 2026, including new capacity coming online in Ohio [1] - The report notes that the U.S. trade protection measures are likely to impact the import volume and competitiveness of solar components, benefiting domestic producers like First Solar [1]