合盛硅业：H1盈利承压，硅行业景气待复苏

Investment Rating - The investment rating for 合盛硅业 is maintained at "Buy" with a target price of RMB 52.90 [6][7]. Core Views - The company reported a net profit of RMB 9.78 billion for H1 2024, a year-on-year decrease of 45%, despite a revenue increase of 11% to RMB 132.7 billion [1]. - The silicon industry is currently experiencing a downturn, with expectations for recovery in the future [3][4]. - The company is expected to achieve net profits of RMB 27 billion, RMB 36 billion, and RMB 44 billion for the years 2024 to 2026, respectively, with corresponding EPS of RMB 2.30, RMB 3.04, and RMB 3.71 [1][9]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of RMB 132.7 billion, up 11% year-on-year, while net profit was RMB 9.78 billion, down 45% year-on-year [1]. - For Q2 2024, revenue was RMB 78.6 billion, a 27% increase year-on-year, with a net profit of RMB 4.5 billion, down 42% year-on-year [1][2]. Product Segments - Industrial silicon revenue increased by 14% to RMB 69 billion, with sales volume up 37% to 576,000 tons, but the average price fell by 17% to RMB 12,000 per ton [2]. - The organic silicon segment saw revenue growth of 8.7% to RMB 59.9 billion, but the average prices decreased by 9% to RMB 12,900 per ton [2]. Future Outlook - The photovoltaic segment remains in a cyclical low, with total assets of RMB 433 billion and liabilities of RMB 206 billion as of Q2 2024 [3]. - The company is expected to leverage its scale advantage in the industrial and organic silicon sectors to support its profit margins in the future [4][9].