Shuangliang Eco-Energy(600481) 国联证券·2024-09-04 08:44Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "focus on" the company due to its potential in the energy-saving equipment business and its leading technology in silicon wafer equipment [4][6]. Core Viewpoints - The company reported a significant decline in revenue and profit in H1 2024, with operating income of 6.98 billion yuan, down 42.5% year-on-year, and a net profit attributable to shareholders of -1.26 billion yuan, indicating a shift from profit to loss [2][6]. - The energy-saving and water-saving equipment business showed stable growth, achieving revenue of 1.72 billion yuan, up 12.7% year-on-year, with a gross margin of 24.6% [6]. - The photovoltaic product business faced challenges due to intensified competition, resulting in a revenue drop of 45.8% year-on-year to 4.85 billion yuan and a negative gross margin of -20.5% [6]. Financial Performance Summary - In H1 2024, the company experienced a significant decrease in revenue and profitability, with a gross margin of -6.0%, down 19.8 percentage points year-on-year [2][6]. - The company’s financial forecasts for 2024-2026 indicate expected revenues of 21.01 billion yuan, 27.07 billion yuan, and 33.27 billion yuan, with year-on-year growth rates of -9.2%, 28.8%, and 22.9% respectively [6][7]. - The projected net profit for 2024 is -424 million yuan, with subsequent years showing a recovery to 1.45 billion yuan in 2025 and 2.01 billion yuan in 2026 [6][7]. Business Segment Analysis - The energy-saving and water-saving equipment segment is expected to support the company's performance, leveraging its diverse equipment types and strong customer relationships in high-energy-consuming industries [2][6]. - The photovoltaic segment is under pressure due to price declines and increased competition, but the report notes that the industry supply-side structure is gradually optimizing, which may improve profitability in the future [6][7].