信义光能：2024H1业绩符合预期，光伏玻璃坚定扩产

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Views - The company reported its 2024 H1 results, with revenue of HKD 12.7 billion, a year-on-year increase of 4% and a half-year decrease of 12%. The net profit attributable to shareholders was HKD 2 billion, up 41% year-on-year but down 30% half-yearly, slightly exceeding previous performance forecasts [5][6]. - The photovoltaic glass business showed steady revenue growth and significant profit improvement, driven by increased sales volume and a decline in key cost factors. However, the profitability of the photovoltaic power generation segment faced pressure due to power restrictions and declining electricity prices [5][6]. - The company is maintaining a strong expansion pace in its photovoltaic glass production, with plans to add new capacity in the second half of 2024 [5][6]. Summary by Sections Financial Performance - In 2024 H1, the photovoltaic glass revenue was HKD 11.1 billion, a year-on-year increase of 5% and a half-year decrease of 14%. The gross margin improved to 21.5%, up 6.3 percentage points year-on-year but down 4.9 percentage points half-yearly. The sales volume for photovoltaic glass increased by 12% year-on-year [5][6]. - The solar power generation revenue was HKD 1.5 billion, with a year-on-year increase of 4% and a half-year increase of 5%. The gross margin was 65.5%, up 4.9 percentage points year-on-year but down 1.1 percentage points half-yearly [5][6]. Capacity Expansion - The company has maintained a strong expansion pace, with plans to ignite three new furnaces totaling 3,200 tons per day in 2024 H2, including two in Anhui and one in Malaysia [5][6]. - The total installed capacity for solar power generation reached 6,244 MW by the end of 2024 H1, with 300 MW added during the period [5][6]. Future Projections - The company has adjusted its revenue forecasts for 2024-2026 to HKD 31.1 billion, HKD 36.4 billion, and HKD 41.2 billion, representing year-on-year growth of 17%, 17%, and 13% respectively. The net profit attributable to shareholders is projected to be HKD 4.9 billion, HKD 5.9 billion, and HKD 6.9 billion for the same years [5][6].