Investment Rating - The investment rating for the company is "Outperform the Market" [5][23]. Core Views - The company's net profit for H1 2024 reached 1.79 billion yuan, a year-on-year increase of 41%. Revenue for the same period was 11.67 billion yuan, up 5% year-on-year [1][2][11]. - The photovoltaic glass segment showed improved profitability, with revenue of 10.12 billion yuan in H1 2024, a 4% increase year-on-year, and a gross margin of 22%, up 6 percentage points [1][11]. - The power generation business faced short-term pressure, with revenue of 1.41 billion yuan in H1 2024, a 3% increase year-on-year, but a gross margin decline of 5 percentage points to 66% [2][16]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit of 1.79 billion yuan, representing a 41% increase year-on-year. Revenue was 11.67 billion yuan, reflecting a 5% growth [1][2][11]. - The photovoltaic glass segment's revenue was 10.12 billion yuan, with a gross margin of 22%, an increase of 6 percentage points year-on-year [1][11]. - The power generation segment's revenue was 1.41 billion yuan, with a gross margin of 66%, down 5 percentage points year-on-year [2][16]. Capacity Expansion - By the end of 2023, the company's daily melting capacity for photovoltaic glass was 25,800 tons. In H1 2024, an additional 3,200 tons of capacity was added, bringing the total to 29,000 tons [1][13]. - The company plans to add another 3,200 tons of daily melting capacity in H2 2024, aiming for a total capacity of 32,200 tons by the end of 2024 [1][13]. Market Dynamics - The average selling price of photovoltaic glass decreased from 17.5 yuan per square meter in April to 15.5 yuan in July 2024, impacting profit margins [1][13]. - The company expects to sell 610 million square meters of photovoltaic glass in H1 2024, an 11% increase year-on-year, with a projected average selling price of 16.5 yuan per square meter [1][13]. Future Projections - The company anticipates net profits of 3.63 billion yuan, 3.55 billion yuan, and 4.59 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -4%, -2%, and +29% [2][20]. - The projected diluted EPS for 2024, 2025, and 2026 is 0.41 yuan, 0.40 yuan, and 0.52 yuan, respectively, with corresponding dynamic PE ratios of 8, 8, and 6 times [2][20].
信义光能：光伏玻璃盈利同比改善，发电业务短期承压