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研報掘金丨東吳證券:維持阿特斯“買入”評級,目標價18元
格隆匯 03-04 15:35
東吳證券研報指出,阿特斯(688472.SH)24年歸母22.9億元,同降21%;Q4歸母3.4億元,同增430%,環減53%。盈利優先平衡出貨、組件穩健經營。2024年公司儲能出貨達6.5GWh,同增505%;Q4出貨2.1GWh,美國佔比環比提升。公司預計2025年儲能系統出貨11-13GWh,約1GWh將用於集團自有項目;同增72%-103%,儲能高速增長。加拿大、英國等優勢市場起量,有望貢獻大儲增量。户儲拓展北美、歐洲、日本等經銷網絡,有望貢獻新增長點。基於公司儲能業務領先地位,給予2025年18xPE,目標價18元,維持“買入”評級。
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