聚和材料：2024年中报点评：银浆出货量维持高增，非光伏银浆领域实现突破

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 6.765 billion yuan in H1 2024, representing a year-on-year growth of 61.79%, with a net profit of 299 million yuan, up 11.08% [1] - The photovoltaic conductive silver paste shipment volume continues to grow, with a 38.14% increase year-on-year, reaching 1163 tons in H1 2024, and N-type products accounting for 70% of the total shipments [1] - The company is expanding its silver paste production capacity and has initiated the construction of a new base in Yibin, Sichuan, with a designed capacity of 500 tons [1] - R&D investment increased by 47.65% year-on-year to 409 million yuan in H1 2024, leading to breakthroughs in both photovoltaic and non-photovoltaic silver paste products [1] Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 3.812 billion yuan, a 58.98% increase year-on-year, and a net profit of 223 million yuan, up 53.61% [1] - The net cash flow from operating activities was -526 million yuan, an improvement of 595 million yuan compared to the same period last year [1] Production and Capacity Expansion - The company is on track to achieve a production capacity of 3000 tons of conductive silver paste, with ongoing projects in Thailand and Sichuan [1] - The company has achieved full series coverage of PERC and TOPCon silver pastes, with monthly production exceeding 40 tons and sales surpassing 20 tons [1] Research and Development - R&D efforts are focused on key technologies in the photovoltaic silver paste sector, including ultra-narrow line width printing technology and low-cost silver paste technology [1] - Non-photovoltaic silver paste products have also seen successful mass production in communication devices and electronic components [1]