Investment Rating - The report maintains a "Buy" rating for Jinjing Technology (600586.SH) [2] Core Views - The company's Malaysian subsidiary has seen both volume and profit growth, benefiting from the sustained demand for photovoltaic products in the U.S. and improved raw material costs [2] - The second quarter saw a decline in gross margin due to falling soda ash prices, with a gross margin of 18.2%, down approximately 3.8 percentage points from the first quarter [2] - The report highlights the completion of the TCO coating production line upgrade and the ongoing efforts to engage with overseas customers for product validation and introduction [2] Summary by Sections Performance Overview - In the first half of 2024, the company reported revenue of 3.55 billion yuan, a year-on-year decrease of 4.4%, and a net profit attributable to shareholders of 270 million yuan, an increase of 5.2% [2] - For Q2, revenue was 1.77 billion yuan, down 2.0% year-on-year, with a net profit of 100 million yuan, a significant decline of 39.8% [2] Operational Analysis - The Malaysian subsidiary generated revenue of 286 million yuan, up 8.6% year-on-year, and net profit of 39 million yuan, up 53.2% [2] - The report notes that the decline in real estate demand has led to a drop in float glass prices, resulting in increased losses from joint ventures [2] Profit Forecast and Valuation - The report maintains profit forecasts for 2024-2026 at 510 million, 610 million, and 760 million yuan, respectively, corresponding to P/E ratios of 15, 13, and 10 [2]
金晶科技：马来子公司量利双升，关注海外TCO导入进展