锦浪科技：2024年半年报点评：新兴市场方兴未艾，出货增长后劲充足

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company reported a revenue of 3.35 billion yuan for H1 2024, a year-on-year increase of 3.2%, while the net profit attributable to shareholders was 350 million yuan, a decrease of 43.8% year-on-year [2] - The second quarter showed a revenue of 1.96 billion yuan, up 22.6% year-on-year, with a net profit of 330 million yuan, an increase of 9.5% year-on-year [2] - The improvement in profitability in Q2 was attributed to increased overseas market shipments, reduced raw material costs, and lower expense ratios [2] - The company expects continued growth in inverter exports in the second half of the year due to strong demand in emerging markets [2] Summary by Sections Performance Summary - H1 2024 revenue was 3.35 billion yuan, up 3.2% year-on-year; net profit was 350 million yuan, down 43.8% year-on-year; Q2 revenue was 1.96 billion yuan, up 22.6% year-on-year; net profit was 330 million yuan, up 9.5% year-on-year [2] - The company’s gross margin in Q2 increased by 13.6 percentage points to 37.8%, and net margin increased by 15.5 percentage points to 17.0% [2] Business Segments - The household photovoltaic system segment generated 780 million yuan in revenue, a 39.6% increase year-on-year, with a gross margin of 61.2% [2] - The photovoltaic power generation business saw revenue of 300 million yuan, a 191.6% increase year-on-year, with a gross margin of 54.3% [2] - The company added 176.5 MW of operational distributed power stations in H1 2024, contributing approximately 18 million yuan in net profit [2] Market Outlook - Emerging markets are expected to drive continued growth in inverter exports, supported by rising electricity demand and favorable loan policies [2] - The company anticipates a strong demand for energy storage in overseas markets, leading to increased shipments and profitability [2] Earnings Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 1.11 billion yuan, 1.54 billion yuan, and 1.88 billion yuan, respectively [2][7]