Ginlong Technologies(SZ:300763) EBSCN·2024-09-01 11:42Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 3.355 billion yuan for H1 2024, a year-on-year increase of 3.2%, while the net profit attributable to shareholders decreased by 43.84% to 352 million yuan [2] - The inverter business faced revenue decline due to inventory pressure in Europe, but there are signs of improvement in Q2 2024 with increasing order volumes and shipment growth [3] - The residential photovoltaic power generation system and new energy power production businesses showed significant revenue growth, with a 39.6% increase in revenue for the residential photovoltaic power generation system and a 191.64% increase for new energy power production in H1 2024 [3] Summary by Sections Financial Performance - H1 2024 revenue: 3.355 billion yuan, up 3.2% YoY; net profit: 352 million yuan, down 43.84% YoY; Q2 2024 revenue: 1.958 billion yuan, up 22.64% YoY; net profit: 332 million yuan, up 9.53% YoY [2] - H1 2024 revenue breakdown: storage inverters: 192 million yuan (down 38.48% YoY), grid-connected inverters: 2.05 billion yuan (down 8.02% YoY) [3] Growth Drivers - The company added 783 million kWh of operational distributed photovoltaic power generation capacity in H1 2024, with revenue from this segment reaching 33.71 million yuan [3] - The residential photovoltaic power generation system revenue reached 776 million yuan in H1 2024, driven by policy support and seasonal factors [3] Profitability Forecast and Valuation - The profit forecast for 2024-2026 has been raised, with expected net profits of 985 million yuan, 1.346 billion yuan, and 1.692 billion yuan respectively, reflecting increases of 14%, 32%, and 30% [3] - The current stock price corresponds to a PE ratio of 24, 18, and 14 for 2024-2026 [3]