Group 1: Macro Background: External Demand or Internal Demand? Japan's Choice and Response - Japan's economic growth has experienced two downward shifts since the 1960s, with significant impacts on external and internal demand [4][14][16] - The 1960s saw rapid economic growth driven by strong external and internal demand, while the 1970s marked the beginning of a decline due to trade friction and the oil crisis [4][14] - By the 1980s, the trend of overseas investment as a substitute for exports became more pronounced as internal demand was stimulated by government policies [4][14] Group 2: Top-Level Design: The Policy Context of the Ministry of Economy, Trade and Industry - The Ministry of Economy, Trade and Industry (METI) shifted its focus towards energy transformation and overseas investment after the 1973 oil crisis [20][23] - The 1980s saw a significant increase in policies related to overseas investment, driven by trade friction and the appreciation of the yen, which enhanced the international competitiveness of Japanese industries [24][25] - Key industries for foreign direct investment (FDI) included electrical machinery and automotive sectors, which were bolstered by Japan's shift towards high-tech and high-value-added industries [24][25] Group 3: Support for Going Abroad: Specific Supporting Policies from Various Dimensions and Departments - The report outlines various policies implemented to support Japanese companies in their overseas investments, particularly in response to trade friction and the need for market expansion [27] - Specific measures included financial incentives, regulatory support, and the establishment of overseas production bases to mitigate the impact of export restrictions [27] - The focus on enhancing the global competitiveness of Japanese firms through strategic overseas investments has been a consistent theme in METI's policy framework [27]

展 证券研究报告 非金融公司|公司点评|中国核电（601985） 大修略影响发电量，在建机组充沛助发 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 公司发布 2024 年半年度报告，2024H1 公司实现营收 374.41 亿元，同比+3.15%，实现归母净 利润 58.82 亿元，同比-2.65%，2024Q2 公司实现营收 194.53 亿元，同比+5.70%，实现归母净 利润 28.23 亿元，同比-6.50%。 |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 中国核电(601985) 大修略影响发电量，在建机组充沛助发展 | --- | --- | --- | |-------|--------------------------|---------------------| | | | | | 行 | 业： | 公用事业 / 电力 | | | 投资评级： | 买入（维持） | | | 当前价格： | 10.2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 960 million yuan for the first half of 2024, a year-on-year decrease of 10.69%. However, the net profit attributable to shareholders increased by 22.25% to 173 million yuan, and the net profit after deducting non-recurring items rose by 25.85% to 161 million yuan [2][6] - The company's self-owned luminous business continues to grow significantly, with a revenue of 790 million yuan from non-COVID related operations, reflecting a year-on-year increase of 44%. The self-produced luminous revenue reached 717 million yuan, up 48% year-on-year [7] - The company has shown improvements in profitability, with a gross margin of 62.26%, an increase of 12.93 percentage points, and a net margin of 16.19%, up 5.64 percentage points [8] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 960 million yuan, down 10.69% year-on-year, while the net profit attributable to shareholders was 173 million yuan, up 22.25% [6] - The company expects revenues for 2024-2026 to be 2.182 billion, 2.824 billion, and 3.597 billion yuan, with year-on-year growth rates of 6.26%, 29.43%, and 27.37% respectively [9] - The projected net profit for the same period is 480 million, 650 million, and 850 million yuan, with growth rates of 35.23%, 35.48%, and 30.74% respectively [9] Business Segment Performance - The luminous business maintained high growth, with a significant increase in the installation of luminous instruments, totaling 9,430 units installed to date [7] - The company has effectively reduced costs and improved efficiency, with a notable decrease in sales, management, and R&D expense ratios, leading to a substantial increase in net profit growth in Q2 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of 3.97 billion yuan for the first half of 2024, representing a year-on-year growth of 28.3%. The net profit attributable to shareholders was 457 million yuan, up 28.7% year-on-year, while the net profit after deducting non-recurring items was 422 million yuan, reflecting a growth of 29.4% [11][12] - In Q2 2024, the company achieved a revenue of 2.11 billion yuan, a year-on-year increase of 32.4%, and a net profit of 248 million yuan, which is a 35.0% increase compared to the same period last year [11][12] - The company is experiencing accelerated capacity ramp-up and steady improvement in gross margin, with Q2 gross margin at 21.4%, showing a quarter-on-quarter increase of 0.7 percentage points [11][12] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 3.97 billion yuan, with a year-on-year growth of 28.3%. The sales volume of smart control and lightweight products reached 1.998 million and 6.13 million sets, respectively, with year-on-year growth of 32% and 61% [11][12] - The company expects revenues for 2024-2026 to be 10.01 billion, 13.02 billion, and 16.59 billion yuan, with year-on-year growth rates of 33.9%, 30.0%, and 27.5% respectively [11][12] Profitability - The net profit attributable to shareholders for H1 2024 was 457 million yuan, with a year-on-year increase of 28.7%. The net profit margin for Q2 was 11.7%, showing a quarter-on-quarter increase of 0.4 percentage points [11][12] - The company maintains a gross margin above 20%, alleviating market concerns regarding profitability [11][12] Subsidiary Performance - Subsidiaries such as Bertli Electronics, Weihai Bertli, and Wanda achieved revenues of 570 million, 830 million, and 450 million yuan, respectively, with net profit margins of 9.4%, 14.3%, and 8.8% [11][12] Market Outlook - The company is expected to benefit from a clear upgrade in line control chassis and a defined capacity release schedule, leading to sustained high growth in performance [11][12]

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 | --- | --- | |------------------------ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1.268 billion yuan in H1 2024, a year-on-year increase of 7.12%, while the net profit attributable to shareholders was 152 million yuan, a decrease of 5.95%. The non-recurring net profit attributable to shareholders was 149 million yuan, an increase of 13.61% [2][6] - The "Two Machines" business continues to grow, with aerospace new materials and components revenue increasing by 19.65% year-on-year in H1 2024. The company has made technological breakthroughs in the gas turbine sector and is supplying key components for the C919 and C929 aircraft [6] - The approval of 11 new nuclear power units in August 2024 is expected to gradually release demand for nuclear power equipment and materials. The company's nuclear energy new materials and components business saw a revenue increase of 18.39% year-on-year in H1 2024 [6] - The low-altitude economy products are opening up growth opportunities, with successful developments in engine optimization and assembly [6] - The company forecasts revenues of 2.878 billion, 3.311 billion, and 3.621 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 384 million, 495 million, and 607 million yuan, indicating a compound annual growth rate (CAGR) of 26.06% over three years [6][7] Financial Data Summary - In 2024E, the company expects revenue of 2.878 billion yuan, a growth rate of 19.34%, and a net profit of 384 million yuan, with a growth rate of 26.51% [7] - The earnings per share (EPS) for 2024E is projected to be 0.57 yuan, with a price-to-earnings (P/E) ratio of 17.4 [7] - The company’s total assets are expected to reach 10.923 billion yuan by 2024, with a debt-to-asset ratio of 55.91% [4][9]

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "focus on" the company due to its potential in the energy-saving equipment business and its leading technology in silicon wafer equipment [4][6]. Core Viewpoints - The company reported a significant decline in revenue and profit in H1 2024, with operating income of 6.98 billion yuan, down 42.5% year-on-year, and a net profit attributable to shareholders of -1.26 billion yuan, indicating a shift from profit to loss [2][6]. - The energy-saving and water-saving equipment business showed stable growth, achieving revenue of 1.72 billion yuan, up 12.7% year-on-year, with a gross margin of 24.6% [6]. - The photovoltaic product business faced challenges due to intensified competition, resulting in a revenue drop of 45.8% year-on-year to 4.85 billion yuan and a negative gross margin of -20.5% [6]. Financial Performance Summary - In H1 2024, the company experienced a significant decrease in revenue and profitability, with a gross margin of -6.0%, down 19.8 percentage points year-on-year [2][6]. - The company’s financial forecasts for 2024-2026 indicate expected revenues of 21.01 billion yuan, 27.07 billion yuan, and 33.27 billion yuan, with year-on-year growth rates of -9.2%, 28.8%, and 22.9% respectively [6][7]. - The projected net profit for 2024 is -424 million yuan, with subsequent years showing a recovery to 1.45 billion yuan in 2025 and 2.01 billion yuan in 2026 [6][7]. Business Segment Analysis - The energy-saving and water-saving equipment segment is expected to support the company's performance, leveraging its diverse equipment types and strong customer relationships in high-energy-consuming industries [2][6]. - The photovoltaic segment is under pressure due to price declines and increased competition, but the report notes that the industry supply-side structure is gradually optimizing, which may improve profitability in the future [6][7].

Investment Rating - Investment Rating: Buy (Maintain) [7] Core Views - The company reported a steady growth in operating performance, with notable overseas business performance [10][11] - In the first half of 2024, the company achieved revenue of 5.333 billion yuan, a year-on-year increase of 1.18%, and a net profit attributable to shareholders of 950 million yuan, up 1.33% year-on-year [10][11] - The company's core products, including MR, MI, and RT, showed strong performance, with service revenue steadily increasing [10][11] Financial Performance Summary - In H1 2024, equipment revenue was 4.544 billion yuan, a decrease of 1.77% year-on-year, primarily due to industry adjustments and slow equipment updates [10] - Service revenue reached 617 million yuan, a year-on-year increase of 23.84%, with service revenue accounting for 11.57% of total revenue, up 2.12 percentage points year-on-year [10] - Domestic revenue was 4.401 billion yuan, down 3.35% year-on-year, while international revenue was 933 million yuan, up 29.94% year-on-year, accounting for 17.49% of total revenue [11] Future Outlook - The company is expected to benefit from equipment update policies, with projected revenues of 13.490 billion yuan, 16.323 billion yuan, and 19.728 billion yuan for 2024, 2025, and 2026, respectively, corresponding to growth rates of 18.22%, 21.00%, and 20.86% [11] - The net profit attributable to shareholders is projected to be 2.375 billion yuan, 2.891 billion yuan, and 3.548 billion yuan for the same years, with growth rates of 20.29%, 21.72%, and 22.75% [11] - The company maintains a focus on R&D, with H1 2024 R&D investment of 1.017 billion yuan, a year-on-year increase of 11.11%, representing 19.07% of total revenue [11]

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "pay attention" to the company due to its potential for long-term performance as capacity ramps up [7][10]. Core Views - The company reported a significant decline in revenue and a shift to negative net profit in H1 2024, with revenue at 5.16 billion yuan, down 68.2% year-on-year, and a net profit of -1.74 billion yuan [3][10]. - The decline in performance is attributed to industry fluctuations, including falling prices for battery cells and modules, decreased sales volume, and impairment provisions totaling 1.18 billion yuan [10]. - The ABC component business is expected to support long-term performance as production capacity gradually increases, despite current profitability being affected during the ramp-up phase [3][10]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 5.16 billion yuan, a decrease of 68.2% year-on-year, and a net profit of -1.74 billion yuan, compared to a positive profit in the previous year [10]. - Q2 2024 revenue was 2.65 billion yuan, down 68.9% year-on-year but up 5.4% quarter-on-quarter, with a net profit of -1.65 billion yuan [10]. - The ABC component business generated revenue of 1.7 billion yuan with a gross margin of -0.5%, and shipped 1.6 GW, representing a 232% increase compared to the total shipments in 2023 [10]. Capacity Expansion - As of June 2024, the company has launched 10 GW of battery module capacity in Zhuhai, with 7.5 GW in Yiwu nearing completion, and a 10 GW production line in Jinan expected to start in H1 2025 [10]. - The gradual release of ABC capacity is anticipated to enhance long-term performance, with improvements expected in capital expenditure, energy consumption, and cost efficiency [10]. Market Development - The battery cell business generated revenue of 3.0 billion yuan in H1 2024, with a gross margin of -4.3%, and shipped 12.8 GW of PERC cells [10]. - The company has successfully expanded its overseas sales, with 40.3% of battery cell revenue coming from international markets in Q2 2024, up from 12.7% in 2023 [10]. Earnings Forecast - Revenue projections for 2024-2026 are 18.87 billion yuan, 27.01 billion yuan, and 42.47 billion yuan, with year-on-year changes of -30.6%, +43.1%, and +57.3% respectively [10]. - Expected net profits for the same period are -1.07 billion yuan, 1.52 billion yuan, and 2.51 billion yuan, with a significant turnaround anticipated by 2025 [10].

证券研究报告 非金融公司|公司点评|隆基绿能（601012） 2024 半年报点评： 业绩短期承压，坚定 BC 路线技术不断 突破 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 385.3 亿元，同比减少 40.4%，实现归母净利润-52.4 亿元，同比 由正转负，实现销售毛利率 7.7%，同比下降 11.4pct，公司业绩下滑主要受到晶硅产业链价 格持续大幅下降和存货减值计提的影响。2024H1 公司实现 HPBC 2.0 量产技术突破，量产电池 效率达 26.6%，西咸 12.5GW、铜川 12GW 等 BC 二代产能项目有序推进，HPBC 2.0 产品将于 2024 年底规模上市。行业竞争加剧，晶硅产业链价格大幅下滑，对公司短期业绩影响较大，长期来 看有望凭借技术、规模等优势继续保持龙头地位，维持"买入"评级。 |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 隆基绿能(60101 ...