正泰电器：Q2盈利显著改善，下半年有望延续

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Views - The company's Q2 earnings have significantly improved, and it is expected to continue this trend in the second half of the year [6][7]. - In H1 2024, the company achieved approximately 29 billion yuan in revenue, representing a year-on-year growth of 4%. The net profit attributable to shareholders was about 1.98 billion yuan, also up 4% year-on-year. In Q2 2024, revenue reached around 13.1 billion yuan, with a year-on-year increase of 8%, and the net profit attributable to shareholders was approximately 840 million yuan, marking a 20% increase year-on-year [6][7]. Summary by Sections Financial Performance - For H1 2024, the company reported a gross margin of approximately 25.4%, an increase of 3.1 percentage points year-on-year. The expense ratio was about 12.9%, up 2.1 percentage points year-on-year. The net profit margin was approximately 8.8%, showing a slight decline [7]. - In Q2 2024, the gross margin improved to 28.3%, up about 5 percentage points year-on-year, with an expense ratio of 14.8%, an increase of 1.8 percentage points year-on-year. The net profit margin was approximately 8.9%, up 1 percentage point year-on-year [7]. Business Segments - Low Voltage Electrical: In H1 2024, revenue was about 11.3 billion yuan, a 2% increase year-on-year, with a gross margin of approximately 29.4%, up 2.3 percentage points year-on-year [7]. - Photovoltaic Business: The company added over 6 GW of new installations in H1 2024 and sold approximately 3 GW of power stations. By the end of H1 2024, the company had over 17 GW of operational household power stations. Revenue from photovoltaic power station development and operation, sales, and engineering contracting was approximately 3.6 billion yuan, 11.9 billion yuan, and 700 million yuan, respectively, with year-on-year changes of 33%, -6%, and 18% [7]. Cash Flow and Capital Expenditure - The company reported a net cash inflow from operating activities of approximately 4.59 billion yuan in H1 2024, with capital expenditures of about 1.6 billion yuan, indicating active development in new energy power stations [7]. - The forecast for the company's net profit attributable to shareholders in 2024 is 4.4 billion yuan, corresponding to a price-to-earnings ratio of about 9 times [7].