晶科能源：出货量延续第一，费用管控优异

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company continues to lead in shipment volume and has excellent cost control measures. In H1 2024, the company achieved revenue of 47.251 billion yuan, a year-on-year decrease of 11.88%, and a net profit attributable to shareholders of 1.2 billion yuan, down 68.77% year-on-year. In Q2 2024, revenue was 24.168 billion yuan, a year-on-year decrease of 20.69%, but a quarter-on-quarter increase of 4.7%, with a net profit of 24 million yuan [4][5]. Summary by Sections Shipment and Market Position - The company maintained its position as the industry leader in total shipment volume and TOPCon shipments, with 43.8 GW of module shipments in H1 2024, over 80% of which were N-type modules. In Q2 2024, the module shipment volume was approximately 24 GW. The company has also deepened its strategic layout in emerging markets, with overseas shipments accounting for about 65% and overseas revenue for about 71% [5]. Financial Performance - The company's gross margin in Q2 2024 was 7.60%, which decreased quarter-on-quarter due to price fluctuations in the supply chain. The company managed to offset adverse impacts from the photovoltaic industry cycle through effective cost control, with all expense ratios decreasing quarter-on-quarter in Q2 2024 [5]. Future Outlook - For Q3 2024, the company expects shipments to be between 23-25 GW. As a pioneer in TOPCon technology, the company has achieved an average efficiency of 26.1%+ in mass production of TOPCon cells, leading the industry in yield efficiency. The company is also enhancing its competitive edge through patent protection for TOPCon technology. By the end of the year, the company's production capacity for wafers, cells, and modules is expected to reach 120 GW, 95 GW, and 130 GW, respectively, fully transitioning to N-type technology. Additionally, the company has announced a 10 GW battery module project in Saudi Arabia and is accelerating its global sales, manufacturing, and investment strategies [5].