光伏行业2024年中报总结：Q2现金流改善，底部逐渐清晰

Investment Rating - The report maintains a positive investment rating for the electrical equipment industry, specifically focusing on the photovoltaic sector [1]. Core Insights - The photovoltaic sector is experiencing pressure on profitability, with companies adopting more conservative operational strategies. In Q2 2024, the sector's revenue reached 272.6 billion yuan, a year-on-year decrease of 21% but a quarter-on-quarter increase of 17%. However, the net profit attributable to shareholders turned negative, with a loss of 4.7 billion yuan for the quarter [10][20]. - The report highlights that the cash flow situation is improving, with operating cash flow turning positive and inventory and capital expenditures decreasing, indicating a shift towards more cautious management practices within the industry [10][20]. Summary by Sections 1. Sector Overview - The photovoltaic industry is segmented into main chains (silicon materials, silicon wafers, batteries, modules), inverters and brackets, auxiliary materials for silicon wafers, batteries, and modules, as well as photovoltaic equipment [10]. 2. Financial Analysis of Sub-sectors 2.1 Main Chain (Silicon Materials) - In Q2 2024, the silicon material segment reported a revenue of 25.8 billion yuan, down 43% year-on-year but up 15% quarter-on-quarter. The net profit attributable to shareholders was a loss of 3.3 billion yuan, indicating an increase in losses [20]. 2.2 Silicon Wafers - The silicon wafer segment generated a revenue of 12.6 billion yuan in Q2 2024, with significant losses reported. The net profit attributable to shareholders was a loss of 5 billion yuan, reflecting increased operational pressure [28]. 2.3 Inverters and Brackets - The report suggests focusing on the inverter and bracket segments, recommending companies such as Sungrow Power and DeYe shares for stable performance [3]. 2.4 Auxiliary Materials - The auxiliary materials for the silicon wafer segment saw a decline in revenue, while the battery segment's auxiliary materials reported growth in both revenue and profit [3]. 3. Investment Recommendations - The report recommends monitoring the inverter and bracket segments, as well as new technologies such as BC and HJT, with specific companies highlighted for potential investment [3].