研報掘金丨山西證券:維持阿特斯“買入-A”評級,訂單充足打造盈利新引擎
山西證券研報指出,阿特斯(688472.SH)2024年實現歸母淨利潤22.5億元,同比-22.6%;2025年Q1實現歸母淨利潤0.47億元,同比-91.8%,環比-83.8%。儲能業務增長勢頭強勁,訂單充足打造盈利新引擎。2024年全年,公司儲能業務出貨量達6.5GWh,同比增長超500%;其中Q4出貨2.1GWh,出貨量再創單季度歷史新高。2025年Q1,受合同簽署和交付節奏影響,確認收入的出貨量爲0.79GWh;展望2025年全年,預計公司大儲業務出貨規模增至11-13GWh,維持高速增長,後續每季度儲能交付量會顯著提升。海外產能佈局方面,公司美國產能穩步推進,5GW組件產能進入爬坡期,預計下半年達產,預計2025年產量3GW以上;電池片產能第一期主要設備已入廠,預計2026年形成批量供應。維持“買入-A”評級。
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