聚和材料：2024半年报点评：盈利结构性提升，产品业务布局不断完善

Investment Rating - The investment rating for the company is "Buy" [4][6] Core Views - The company achieved a revenue of 6.76 billion yuan in H1 2024, representing a year-on-year growth of 61.8%. The net profit attributable to shareholders was 300 million yuan, up 11.1% year-on-year. The shipment volume of silver paste reached 1,163 tons, an increase of 37.8% year-on-year, with N-type shipments accounting for 70% [2][6] - The company is focusing on research and development, with significant advancements in TOPCon new technology paste and HJT paste, as well as the development of high-temperature paste for BC screen printing and ultra-low temperature paste for perovskite stacked cells. The product matrix is gradually improving [2][6] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 6.76 billion yuan, a 61.8% increase year-on-year, and a net profit of 300 million yuan, reflecting an 11.1% growth. The gross profit margin was 10.9%, up 0.7 percentage points year-on-year [6][7] - For Q2 2024, the revenue was 3.81 billion yuan, a 59.0% year-on-year increase and a 29.1% quarter-on-quarter increase. The net profit for Q2 was 220 million yuan, up 53.6% year-on-year and 194.4% quarter-on-quarter, with a gross profit margin of 13.0% [6][7] Product and Market Development - The silver paste business generated 6.73 billion yuan in revenue, with a gross margin of 10.9%, and a shipment volume of 1,163 tons, marking a 38.14% year-on-year increase. The company has a production capacity of over 3,000 tons in China and 600 tons in Thailand, with plans for a new base in Yibin, Sichuan [6][7] - The company is increasing its R&D investment, which reached 410 million yuan in H1 2024, a 47.9% increase year-on-year, accounting for 6.1% of revenue. New technology products have been successfully mass-produced [6][7] Earnings Forecast - The company is expected to achieve revenues of 15.24 billion yuan, 17.69 billion yuan, and 20.33 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 48.1%, 16.1%, and 14.9%. The net profit attributable to shareholders is projected to be 680 million yuan, 850 million yuan, and 970 million yuan for the same years, with growth rates of 54.3%, 25.1%, and 13.7% respectively [6][7]