南玻A：业绩持续承压，持续差异化经营

Investment Rating - The investment rating for the company is "Hold" with a downward adjustment [4][5]. Core Views - The company continues to face performance pressure, with a year-on-year decline in revenue and net profit for the first half of 2024 [1]. - The company is focusing on differentiated operations to maintain stability in demand for specific glass products despite overall market challenges [2]. - The financial outlook has been adjusted downwards due to ongoing industry downturns, with projected net profits for 2024-2026 revised to 1.11 billion, 1.37 billion, and 1.95 billion yuan respectively [4]. Financial Performance Summary - In the first half of 2024, the company reported revenues of 8.08 billion yuan, a decrease of 3.7% year-on-year, and a net profit of 733 million yuan, down 17.6% year-on-year [1]. - The gross margin for the company was 21.6%, a slight decrease of 0.97 percentage points year-on-year, with specific margins for glass and solar products at 22.7% and -2.7% respectively [3]. - The company’s net profit margin for the first half of 2024 was 8.93%, down 1.58 percentage points year-on-year, although it showed a quarter-on-quarter improvement in Q2 [3]. Business Segment Analysis - Revenue from the glass segment increased by 13.6% year-on-year, while electronic glass revenue decreased by 1.5%, and solar-related revenue plummeted by 77.95% [2]. - The company has initiated a new production line for photovoltaic glass, expected to ramp up in Q3 2024, indicating a strategic focus on differentiated products in a competitive market [2]. - The electronic glass market is experiencing intensified competition, leading to price declines and impacting overall industry profitability [2]. Financial Projections - The company’s projected revenues for 2024, 2025, and 2026 are 15.99 billion, 17.90 billion, and 21.14 billion yuan respectively, reflecting a negative growth rate of 12.08% in 2024 followed by positive growth in subsequent years [4][9]. - The earnings per share (EPS) are expected to decline to 0.35 yuan in 2024, with a gradual recovery to 0.64 yuan by 2026 [4][9]. - The price-to-earnings (P/E) ratio is projected to be 14, 11, and 8 for the years 2024, 2025, and 2026 respectively, indicating a more favorable valuation outlook in the longer term [4][9].