中信博：跟踪支架领先企业，海外出货持续增长

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company, 中信博, has been deeply involved in the tracking bracket market for over a decade and is positioned to benefit from the growing demand for solar energy solutions, particularly in the BIPV (Building-Integrated Photovoltaics) sector [4][6] - 中信博 has achieved a global market share of 9% in the tracking bracket system, ranking fifth globally and is the only Chinese company among the top five [4] - The company is expected to see significant revenue growth driven by both its tracking brackets and BIPV products, with projected revenues of 90.35 billion, 116.24 billion, and 139.66 billion yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Company Overview - 中信博 was established in 2009 and entered the photovoltaic market in 2012, focusing on tracking brackets since 2013. The company has expanded its global presence with 17 branches and is set to establish production bases in Brazil and Saudi Arabia [21][22] - The company’s revenue for the first half of 2024 reached 33.76 billion yuan, with 96.8% coming from its bracket business, primarily from overseas projects [22] Tracking Brackets - The global demand for tracking brackets is on the rise, with a projected installation volume exceeding 660GW from 2022 to 2030. In 2023, the global shipment of photovoltaic tracking brackets grew by 28% year-on-year [5] - 中信博's tracking brackets are designed to enhance energy efficiency and reduce costs, with a focus on customization to meet specific project requirements [36][41] - The company has established a competitive advantage through reliable certifications and brand recognition, which are critical in the high-stakes photovoltaic market [55][56] Financial Forecast and Valuation - The company is expected to achieve significant revenue growth with a forecasted revenue increase of 41.4%, 28.7%, and 20.1% for 2024, 2025, and 2026 respectively, alongside net profit growth of 96.4%, 43.5%, and 26.0% [7][59] - The projected P/E ratios for the upcoming years are 23, 16, and 13, indicating a favorable valuation compared to peers in the industry [7][60]