金晶科技：2024半年报点评：TCO玻璃蓄势待发，纯碱盈利短期承压

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][8]. Core Views - In H1 2024, the company achieved operating revenue of 3.55 billion yuan, a year-on-year decrease of 4.4%, while the net profit attributable to shareholders was 270 million yuan, a year-on-year increase of 5.2% [2][7]. - The company is actively expanding its global customer base for TCO glass, with positive demand for overseas thin-film components, benefiting from U.S. policy support for domestic photovoltaic manufacturing [2][7]. - The prices of soda ash and glass products are in a downward volatility cycle, significantly impacting the company's performance in the short term. However, the company has high growth potential in the TCO field, with confirmed project approvals [2][8]. Financial Performance - In Q2 2024, the company reported operating revenue of 1.77 billion yuan, which was flat quarter-on-quarter, and a net profit of 100 million yuan, a quarter-on-quarter decrease of 38.8% [2][7]. - The soda ash business generated sales revenue of 1.19 billion yuan, a year-on-year decrease of 12.2%, with a gross margin of 25.7%, down 6.0 percentage points year-on-year [7]. - The glass segment, including construction and energy-saving glass, achieved revenue of 2.31 billion yuan, a year-on-year decrease of 2.0%, but with an improved gross margin of 16.3%, up 8.0 percentage points year-on-year [7]. Future Outlook - The company expects operating revenues of 8.02 billion yuan, 9.09 billion yuan, and 10.44 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 0.6%, 13.3%, and 14.9% [8][9]. - The net profit attributable to shareholders is projected to be 500 million yuan, 600 million yuan, and 780 million yuan for the same years, with growth rates of 8.8%, 18.5%, and 30.1% respectively [8][9].