南玻A：盈利承压，光伏玻璃放量

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company experienced revenue pressure in the first half of 2024, with total revenue of 8.079 billion, a year-on-year decrease of 3.7%. The net profit attributable to shareholders was 733 million, down 17.6% year-on-year, and the net profit after deducting non-recurring items was 673 million, down 19.7% year-on-year [4][5]. - The glass industry, particularly the photovoltaic glass segment, is expected to see significant capacity expansion, which will enhance the company's competitive edge and profitability [5][6]. - The company has a comprehensive glass industry chain and strong R&D capabilities, with a total of 3,210 patent applications, including 1,383 invention patents [5]. Financial Summary - In Q2 2024, the company achieved revenue of 4.132 billion, a year-on-year decrease of 4.3%. The net profit attributable to shareholders was 408 million, down 17.3% year-on-year, and the net profit after deducting non-recurring items was 378 million, down 19.5% year-on-year [4][5]. - The gross profit margin for the first half of 2024 was 21.6%, a decrease of 1.0 percentage points year-on-year, while the expense ratio increased to 11.9%, up 1.1 percentage points year-on-year [4][5]. - The company expects to achieve a net profit of 1.4 billion in 2024, corresponding to a price-to-earnings ratio of 11 times [5].