通威股份：深远布局一体化产能，逆势扩张龙头地位稳固

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company is experiencing significant pressure on its performance due to a sharp decline in the photovoltaic industry chain prices, with total revenue for the first half of 2024 at 43.797 billion yuan, down 40.87% year-on-year, and a net profit attributable to shareholders of -3.129 billion yuan, down 123.58% year-on-year [1][3] - The company maintains its leading position in high-purity silicon production, achieving a sales volume of 228,900 tons in the first half of 2024, an increase of 28.82% year-on-year, and holds over 25% market share domestically [1] - The company is expanding its integrated production capacity, with plans to increase high-purity silicon capacity to 800,000 to 1 million tons by 2026, and solar cell capacity to 130,000 to 150,000 MW [1][6] Summary by Sections Financial Performance - In the first half of 2024, the company reported total revenue of 43.797 billion yuan, a decrease of 40.87% year-on-year, and a net profit of -3.129 billion yuan, down 123.58% year-on-year [1][3] - The gross margin was 7.12%, and the net margin was -8.31% [1] Production and Capacity - The company achieved a high-purity silicon production volume of 228,900 tons in the first half of 2024, with a continuous improvement in production efficiency, including a reduction in comprehensive electricity consumption to below 50 kWh [1][6] - The company has over 650,000 tons of high-purity silicon capacity, with new projects in Yunnan and Baotou expected to contribute significantly to future production [1][6] Market Position and Technology - The company has maintained its position as the world's largest solar cell manufacturer, with over 35 GW of battery sales in the first half of 2024 and a focus on N-type technology development [1][2] - The company is actively investing in new technologies, including TOPCon and HJT, with significant advancements in efficiency and production capabilities [2][6] Component Business - The company has expanded its component business, achieving 18.67 GW in sales in the first half of 2024, a year-on-year increase of 108.36% [6] - The company is also developing markets in South Africa and the UAE, leveraging its strong financing capabilities [6]