正泰电器：Q2业绩同比稳健增长

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 21.77 [6][7] Core Views - The company achieved a revenue of RMB 28.988 billion in H1 2024, representing a year-on-year increase of 4.08%, and a net profit attributable to shareholders of RMB 1.922 billion, up 0.97% year-on-year. The company is expected to benefit from the "whole county promotion" policy and the decline in photovoltaic product prices, leading to rapid growth in its distributed business [1] - The report forecasts net profits for the company to be RMB 4.554 billion, RMB 5.505 billion, and RMB 6.812 billion for the years 2024, 2025, and 2026 respectively [1] - The company’s photovoltaic business revenue reached RMB 17.379 billion in H1 2024, with a gross margin of 22.41%, reflecting a year-on-year increase of 4.14 percentage points [3] - The low-voltage electrical business also showed steady growth, with revenue of RMB 11.487 billion in H1 2024, a year-on-year increase of 1.70% and a gross margin of 29.41%, up 2.28 percentage points [4] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of RMB 13.071 billion, a year-on-year increase of 7.94%, and a net profit of RMB 841 million, up 19.85% year-on-year. The gross margin improved to 28.27%, reflecting an increase of 4.63 percentage points year-on-year [2] - The overall expense ratios remained stable, with the total expense ratio at 14.85% [2] Photovoltaic Business - The company’s photovoltaic business saw revenue of RMB 17.379 billion in H1 2024, with a gross margin of 22.41%. The installed capacity exceeded 6GW, and the operational scale of photovoltaic power stations reached 19.70GW, a year-on-year increase of 45.39% [3] - The company is expanding its household photovoltaic business overseas and has launched the PVSTAR brand and self-developed software platform [3] Low-Voltage Electrical Business - The low-voltage electrical business achieved revenue of RMB 11.487 billion in H1 2024, with a gross margin of 29.41%. The company is enhancing its global presence, particularly in markets like Saudi Arabia and Mexico [4]