Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 42.968 billion yuan for H1 2024, a year-on-year decrease of 12.99%, with a net profit attributable to shareholders of 0.526 billion yuan, down 85.14% year-on-year. However, Q2 2024 showed a sequential revenue growth of 35.37% [3][4]. - The company shipped 34GW of solar modules in H1 2024, representing a year-on-year increase of over 25%. The sales proportion of its self-developed N-type i-TOPCon solar modules continues to rise [4]. - The company is expected to reach a production capacity of 55GW for silicon wafers, 105GW for batteries, and 120GW for modules by the end of 2024, with plans to establish production capacities of 1GW in Indonesia and 5GW in the USA in the second half of 2024 to mitigate trade policy risks [4]. Financial Summary - For H1 2024, the company had a gross margin of approximately 11% for modules, a decrease of about 6 percentage points year-on-year. The company expects positive unit profitability for modules in Q2, exceeding market expectations [4]. - The company reported a period expense ratio of 10.73% in H1 2024, an increase of 3.64 percentage points year-on-year, primarily due to reduced foreign exchange gains and increased interest expenses [4]. - The company anticipates a net profit attributable to shareholders of 4.3 billion yuan in 2025, corresponding to a PE ratio of 8 times [5].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has demonstrated strong resilience in its performance despite a challenging supply-demand imbalance, with a notable decline in revenue and profit margins due to falling prices in the photovoltaic product market [2] - The company's diversified business layout, particularly in distributed systems and photovoltaic power station operations, has contributed to its overall profitability [2] - The energy storage business has seen rapid growth, with a significant year-on-year increase in shipments, indicating a promising growth trajectory in the integrated solar-storage solutions market [3] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 42.968 billion yuan, a year-on-year decrease of 12.99%, and a net profit attributable to shareholders of 0.526 billion yuan, down 85.14% year-on-year [2] - The gross profit margin for H1 2024 was 13.85%, a decline of 3.07 percentage points year-on-year, while the net profit margin was 1.32%, down 6.35 percentage points year-on-year [2] - In Q2 2024, revenue was 24.712 billion yuan, a year-on-year decrease of 11.95% but a quarter-on-quarter increase of 35.37% [2] Business Segments - The company shipped 34 GW of photovoltaic modules in H1 2024, representing a year-on-year increase of 25.93%, generating revenue of 30.057 billion yuan [2] - The company has established production bases in Indonesia and the United States, with expected production to commence in the second half of 2024 [2] - The energy storage segment saw shipments of 1.7 GWh in H1 2024, a remarkable year-on-year growth of 293.30% [3] Profitability Forecast and Valuation - The profit forecast has been revised downwards, with expected net profits for 2024-2026 at 0.87 billion, 2.57 billion, and 4.35 billion yuan respectively, with corresponding EPS of 0.40, 1.18, and 2.00 yuan [4] - The company maintains a leading position in the photovoltaic module market, with stable growth in shipments and an increasing degree of integration [4]

华泰联合证券有限责任公司 关于天合光能股份有限公司 2024 年半年度持续督导跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：天合光能股份有限公司 | | --- | --- | | 保荐代表人姓名：王哲 | 联系电话：021-38966515 | | 保荐代表人姓名：蒋益飞 | 联系电话：021-38966515 | 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则》等有关法律、法规的规定，华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"保荐人"）作为天合光能股份有限公司（以下简称 "天合光能"、"公司"或"发行人"）持续督导阶段的保荐人，对天合光能进 行持续督导，并出具 2024 年半年度（以下简称"本报告期"）持续督导跟踪报 告： 一、保荐人和保荐代表人发现的问题及整改情况 无。 二、重大风险事项 公司目前面临的风险因素主要如下： （一）行业扩产带来的阶段性产能过剩风险 近几年随着光伏行业的持续向好，部分原本面临市场淘汰的企业开始恢复生 产，同时，行业内龙头企业为提升市场份额，保持竞争地位，纷纷加快产能扩张 步伐，导致市场新增及潜在新增 ...

[ T able_StockInfo] 2024 年 09 月 04 日 证券研究报告•2024 年中报点评 持有 （维持） 当前价：16.80 元 天合光能（688599）电力设备 目标价：——元（6 个月） 光储协同发展，逆境彰显韧性 [Table_Summary 事件：公司 2024H1 ] 实现营业收入 429.68 亿元，同比下降 12.99%；实现归母 净利润 5.26亿元，同比下降 85.14%。2024Q2实现营业收入 247.12 亿元，同 比下降 11.95%；实现归母净利润 0.10 亿元，同比下降99.41%。 组件出货延续增长，毛利率继续承压。2024H1公司组件出货量为 34GW，同比 增长超过 25%。其中 2024Q2组件出货约 20GW，环比 2024Q1有 40%以上增 长。受制于产业链供需失衡、光伏产品市场价格大幅下降的影响，公司组件业务 盈利能力有所下降。2024H1组件毛利率为 11.13%，同比下降 5.52pp。2024Q1、 2024Q2 组件毛利率分别为 13.34%、9.49%，毛利率继续承压。 支架、分布式系统、光伏电站、储能协同发展，业绩彰显韧性。得益于 ...

证券研究报告·公司点评报告·光伏设备 天合光能（688599） 2024 年中报点评：Q2 组件继续承压，分布式 开发盈利亮眼 2024 年 09 月 05 日 买入（维持） the station of | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 85052 | 113392 | 89776 | 105520 | 118979 | | 同比（ % ） | 91.21 | 33.32 | (20.83) | 17.54 | 12.76 | | 归母净利润（百万元） | 3681 | 5531 | 1346 | 2164 | 3648 | | 同比（ % ） | 104.03 | 50.26 | (75.67) | 60.85 | 68.54 | | EPS- 最新摊薄 ...

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 天合光能（688599）公司半年报点评 2024 年 09 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------|-------------| | | | | 股票数据 | | | 09 [ Table_StockInfo 月 04 日收盘价（元） ] | 16.80 | | 52 周股价波动（元） | 15.23-32.19 | | 总股本 / 流通 A 股（百万股） | 2179/2179 | | 总市值 / 流通市值（百万元） | 36613/36613 | | 相关研究 | | | [Table_ReportInfo] 《完善一体化布局，新兴业务协同并进》 | | | 2024.03.19 | | 市场表现 [Table_QuoteInfo] -46.52% -36.52% -26.52% -16.52% -6.52% 3.48% 天合光能 海通综指 ...

2024 年 9 月 4 日 公司研究 适度一体化布局保障盈利能力行业领先，储能出货量维持高增 ——天合光能（688599.SH）2024 年中报点评 要点 事件：公司发布 2024 年半年报，2024H1 实现营业收入 429.68 亿元，同比减少 12.99%，实现归母净利润 5.26 亿元，同比减少 85.14%；2024Q2 公司实现营 业收入 247.12 亿元，同比减少 11.95%，实现归母净利润 0.10 亿元，同比减少 99.41%。 2024H1 组件出货量持续增长，适度一体化布局保障盈利能力。 2024H1 公司实现组件出货量 34GW，同比增长 25.9%，但组件价格的持续下跌 使得 2024H1 组件销售实现营业收入 300.57 亿元，同比减少 11.52%。公司采 用富有弹性的、适度垂直一体化布局，上游硅片环节产能较少（预计 2024 年底 公司硅片/电池/组件产能将分别达到 55/105/120GW），在 2024H1 硅片价格大 幅下跌背景下公司一体化组件业务体现出行业领先的盈利能力，2024H1 组件销 售毛利率维持在 11.13%，在一体化龙头企业中较为领先。 前瞻性布局 ...

证券研究报告 非金融公司|公司点评|天合光能（688599） 2024 半年报点评： 组件业务阶段性承压，全球布局持续推 进 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司 2024H1 实现营业收入 429.7 亿元，同比减少 13.0%，实现归母净利润 5.3 亿元，同比减 少 85.1%，实现销售毛利率 13.9%，同比下降 3.1pct。受行业竞争加剧影响，产品价格下行， 阶段性影响公司业绩规模。公司具备从硅片到组件一体化产能，前瞻布局印尼及美国海外产 能基地，公司规划将于 2024H2 投产，增强全球竞争力与抵抗海外政策变动风险的能力。公司 光伏组件及系统产品业务均维持稳定发展状态，建议关注。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月04日 天合光能(688599) 2024 半年报点评： 组件业务阶段性承压，全球布局持续推进 | --- | --- | |------------------------ ...

证 券 研 究 报 告 天合光能（688599）2024 年半年报点评 推荐（维持） 现金流改善明显，分布式业务保持高盈利水平 目标价：20.48 元 当前价：16.88 元 事项： 公司上半年实现营业收入为 429.68 亿元，同比下降 12.99%；归母净利润为 5.26 亿元，同比下降 85.14%；综合毛利率为 13.85%，同比下降 3.07 个百分点；上 半年归母净利率为 1.22%，同比下降 5.94 个百分点。费用方面，公司上半年期 间费用为 46.09 亿元，较上年同期增加 11.07 亿元；期间费用率为 10.73%，较 上年同期上升 3.64 个百分点。 公司二季度实现营业总收入 247.12 亿元，同比下降 11.95%，环比增长 35.37%； 归母净利润为 1046.40 万元，同比下降 99.41%，环比下降 97.97%；综合毛利 率为 13.12%，同比下降 3.01 个百分点，环比下降 1.72 个百分点；归母净利率 为 0.04%，同比下降 6.27 个百分点，环比下降 2.78 个百分点。 评论： 二季度组件出货环比增长，海外产能落地将带动美国市场出货。公司组件出货 量 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 42.668 billion yuan for the first half of 2024, a year-on-year decrease of 12.99%, and a net profit attributable to shareholders of 526 million yuan, down 85.14% year-on-year [2] - The company's component shipment volume reached 34 GW in the first half of 2024, an increase of 25% year-on-year, with a cumulative shipment of over 225 GW [3] - The company is expanding its overseas production capacity, with plans to reach a capacity of 55 GW for silicon wafers, 105 GW for batteries, and 120 GW for components by the end of 2024 [3] - The company is diversifying its business into distributed photovoltaic systems, mounting structures, and energy storage solutions, which are expected to support its performance [4] Financial Forecasts - The company is projected to achieve revenues of 86.866 billion yuan, 114.481 billion yuan, and 138.883 billion yuan for the years 2024, 2025, and 2026, respectively [5] - The net profit attributable to shareholders is expected to be 736 million yuan in 2024, 2.644 billion yuan in 2025, and 5.214 billion yuan in 2026 [5] - The report indicates a significant drop in net profit for 2024, with a forecasted decrease of 86.7% compared to 2023 [9] Business Expansion - The company has established a strong presence in the distributed photovoltaic business with over 4,000 channel partners and 20,000 service points across China [4] - The operation and maintenance business for photovoltaic plants has expanded to a scale of 14 GW, representing an 80% year-on-year increase [4] - The company has achieved a 6% market share in the mounting structure business, ranking sixth globally [4]