通润装备：美国市场占比提升，下半年光储出货加速

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported a revenue of 1.607 billion yuan for H1 2024, representing a year-on-year growth of 73.35%. The net profit attributable to the parent company was 77 million yuan, up 242.93% year-on-year [3][4]. - In Q2 2024, the company achieved a revenue of 923 million yuan, which is a 51.47% increase year-on-year and a 34.83% increase quarter-on-quarter. The net profit attributable to the parent company reached 62 million yuan, reflecting a year-on-year growth of 697.46% and a quarter-on-quarter growth of 303.52% [3][4]. Financial Performance - The inverter business generated a revenue of 870 million yuan in H1 2024, with a significant increase in Q2. The gross margin for the inverter segment improved to 34.0%, up from 21.4% in 2023, primarily due to market structure optimization [4]. - The energy storage business reported a revenue of 48 million yuan, mainly from a domestic 100MWh large storage project, with a gross margin of 45.4%, significantly higher than 34.6% in 2023 [4]. - The metal products business achieved a revenue of 680 million yuan, a year-on-year increase of 20%, with a gross margin of 28.3%, up 2.8 percentage points year-on-year [4]. - The company’s Q2 expense ratio was 20.63%, down 1.8 percentage points from the previous quarter, although still at a high level due to increased team expansion and R&D investment [4]. Market Outlook - The company is expected to benefit from the anticipated interest rate cuts in the U.S. market, with plans to leverage high-power string inverters to penetrate the ground market. The second half of the year is projected to be a concentrated harvest period for orders [4]. - The company is also expanding into Eastern European markets and other emerging markets such as Brazil, Pakistan, and Ukraine, while maintaining a stable presence in the South Korean and Japanese markets [4]. Profit Forecast - The company is projected to achieve a net profit attributable to the parent company of 250 million yuan and 410 million yuan for 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 17 and 10 times [4].