光伏储能行业2024年半年报总结：光伏价格筑底，光储景气回暖

Industry Overview - The photovoltaic (PV) industry experienced a mixed performance in the first half of 2024, with volume growth but price declines, indicating a bottoming-out phase [12] - Domestic PV installations remained strong, with 123.53 GW added from January to July 2024, a 27.14% year-on-year increase [12] - Overseas module exports reached 151.4 GW in the same period, up 25.54% year-on-year, with significant growth in the Asia-Pacific and Middle East regions [13] - The entire PV supply chain saw price declines, with silicon, wafers, cells, and modules dropping by 39.23%, 37.50%, 20.83%, and 22.11% respectively from the beginning of 2024 [17] - Signs of price stabilization emerged in August 2024, with a slight rebound in silicon prices and announcements of price increases by major wafer manufacturers [21] Financial Performance - The main PV supply chain segments (silicon, wafers, cells, and modules) reported a combined revenue of 324.476 billion yuan in H1 2024, down 28.88% year-on-year, with a net loss of 14.475 billion yuan [1] - Inverter revenue and net profit were 47.587 billion yuan and 7.062 billion yuan, down 0.61% and 17.68% year-on-year respectively [1] - Auxiliary materials revenue and net profit were 80.667 billion yuan and 3.837 billion yuan, up 3.32% and down 57.91% year-on-year respectively [1] - Equipment sector revenue and net profit were 27.297 billion yuan and 4.605 billion yuan, up 43.52% and 16.44% year-on-year respectively [1] Operational Efficiency - Main supply chain segments improved working capital efficiency by extending supplier payment terms, reducing working capital turnover days [2] - Fixed asset turnover slowed across most segments due to overcapacity and reduced utilization rates, except for silver paste, brackets, and welding strips [38] - The industry's operating cash flow turned negative in H1 2024, with reduced capital expenditures and increased financing activities reflecting intensified operational pressures [2] Market Trends - The energy storage sector saw strong demand, particularly in emerging markets, with companies like Deye, Sungrow, and GoodWe performing well [22] - Domestic energy storage installations reached 35.39 GWh in H1 2024, with a record high of 15.5 GWh added in June alone [27] - Global energy storage installations are expected to reach 310 GWh by 2025, driven by policy support and economic improvements [27] Investment Recommendations - The report recommends investing in silicon material companies like GCL Technology and Tongwei, module companies like JinkoSolar and Canadian Solar, and inverter companies like Sungrow and Deye [4] - Key auxiliary material companies recommended include Jolywood, FST, and Flat Glass Group [4]