盈利增长复苏的估值水平具有吸引力；差异化的美国太阳能名称

Investment Rating - The report maintains an "OUTPERFORM" rating for Array Technologies (ARRY US) with a target price of $22.00 per share, indicating a potential upside of nearly 60$14.14 [3][4]. Core Insights - Array Technologies is positioned as a differentiated player in the solar energy value chain, with strong demand prospects despite recent project delays. The company has reset its growth expectations and is projected to achieve a 24% earnings growth from FY24 to FY26 [4][5]. - The FY24 revenue guidance is set between $1.25 billion and$1.4 billion, which is significantly below the consensus estimate of $1.89 billion. The adjusted EBITDA guidance is also lower than expected, reflecting ongoing project delays and supply chain challenges [4][7]. - The company anticipates a gross margin of around 30$1.34 billion, with net income estimates reflecting a decrease of 15% to $122 million. For FY25 and FY26, revenues are expected to rise to$1.74 billion and $2.18 billion, respectively, with net income projected to increase significantly [7][11]. - The report highlights a decrease in earnings per share (EPS) estimates for FY24 to$1.12, with a gradual increase to $2.08 by FY26. The price-to-earnings (P/E) ratio is noted at 12.6x for FY24, indicating that the stock is undervalued compared to global peers [4][8][11].