信义光能：24H1光伏玻璃量利齐升，景气底部关注供给向好趋势

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 4.43 HKD per share, compared to the current price of 3.52 HKD [3][14]. Core Views - The company reported a revenue of 12.687 billion HKD for H1 2024, a year-on-year increase of 4.5%, and a net profit of 1.963 billion HKD, up 41.0% year-on-year [6][12]. - The photovoltaic glass segment saw revenue of 11.090 billion HKD in H1 2024, with a gross margin of 21.49%, reflecting a 6.25 percentage point increase year-on-year [6][12]. - The company plans to add two new production lines in Anhui and one in Malaysia in H2 2024, aiming to enhance production capacity [6][12]. - The solar power generation business reported revenue of 1.548 billion HKD in H1 2024, with a gross margin of 65.54%, down 4.89 percentage points year-on-year [12][14]. Summary by Sections Financial Performance - The company’s revenue for 2024 is projected to be 27.212 billion HKD, with an expected growth rate of 2.2% [5][14]. - The estimated EPS for 2024-2026 is 0.44, 0.62, and 0.70 HKD per share, with corresponding PE ratios of 7.94, 5.67, and 5.00 [14][18]. Market Dynamics - The photovoltaic glass market is experiencing a downturn, with prices declining since June 2024, leading to a reduction in profitability for many producers [7][12]. - The industry is undergoing a consolidation phase, with several production lines being temporarily shut down to manage oversupply [7][12]. Production Capacity and Expansion Plans - The company has successfully increased its daily melting capacity to 29,000 tons, with plans for further expansion in the coming months [6][12]. - The company is strategically positioning itself in overseas markets, which is expected to enhance its competitive edge [7][12]. Future Outlook - The report anticipates a cautious approach to solar power project development due to regulatory changes and market conditions, with no new projects planned for H2 2024 [12][14]. - The photovoltaic glass segment is expected to maintain a leading position in profitability due to cost advantages and scale effects [7][12].