亚玛顿：销量同比延续增长，坚持差异化战略

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 18.84 RMB [6]. Core Views - The company continues to experience growth in sales, particularly in photovoltaic glass, despite a decline in profitability due to falling prices [1][2]. - The company is focusing on a differentiated strategy and global expansion, with over 50% of its sales coming from ultra-thin photovoltaic glass [4]. - Financial performance shows a significant improvement in operating cash flow, with a year-on-year increase of 266% in H1 2024 [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 1.75 billion RMB, a year-on-year increase of 3.8%, while net profit attributable to the parent company was 0.01 billion RMB, a decrease of 65.3% [1]. - The revenue for Q2 2024 was 0.87 billion RMB, down 1.4% year-on-year, with net profit dropping 93.8% to 0.01 billion RMB [1]. - The overall gross margin for H1 2024 was 6.7%, a decrease of 0.4 percentage points year-on-year, with Q2 gross margin at 7.1% [2]. Sales and Product Performance - The company reported a 26.7% year-on-year increase in photovoltaic glass sales, contributing to revenue growth [2]. - Revenue from solar glass, solar modules, and other glass products in H1 2024 was 1.63 billion RMB, 0.02 billion RMB, and 0.06 billion RMB respectively, with respective year-on-year changes of +10.4%, -84.2%, and -13.3% [2]. Debt and Cash Flow - The company's financial expense ratio increased due to higher bank borrowings, with a debt ratio of 42.7% and interest-bearing debt ratio of 23.0% as of H1 2024 [3]. - Operating cash flow improved significantly, reaching 0.28 billion RMB in H1 2024, a 266% increase year-on-year, driven by increased sales and collections [3]. Strategic Developments - The company announced the termination of its acquisition of raw material production assets, but continues to pursue a differentiated competition strategy and global expansion [4]. - The average price of photovoltaic glass has declined significantly, with prices for 3.2mm and 2.0mm coated photovoltaic glass down 20.1% and 32.6% year-on-year respectively [4].