光伏行业2024年半年总结：出清前夕，静待黎明

Investment Rating - The investment rating for the electrical equipment industry is optimistic [1] Core Viewpoints - The report emphasizes that the industry is at a turning point, awaiting a recovery phase as prices in the supply chain continue to decline, impacting financial performance negatively [27] - The battery segment is under significant profit pressure and has seen a decline in cash reserves, leading to consolidation within the industry [26][27] - Emerging markets are becoming new growth points, with increasing demand for stable electricity supply, which solar power can help alleviate [10][11][14] Summary by Sections Solar Industry Overview - In the first half of 2024, solar installations reached 102 GW, a year-on-year increase of 31% [3] - Solar module exports totaled 129 GW, with a year-on-year growth of 29% [4] - The share of exports to Europe has decreased, while emerging markets have seen an increase in their share [3] Market Dynamics - The report highlights that the demand in emerging markets is accelerating, replacing traditional markets in Europe and North America as new growth drivers [10] - The cost of solar power is expected to reach 0.4-0.5 yuan/kWh, making it competitive against global electricity prices [13][14] Financial Performance - In Q2 2024, the solar industry experienced a slight increase in revenue, but net profit showed a year-on-year decline [18] - The profitability of main materials has deteriorated significantly, while auxiliary materials maintained stable profitability [21][22] Capital Expenditure Trends - Capital expenditures in the industry continue to decline, with significant reductions in key segments such as battery and support structures [24] - The cash reserves of companies in the main materials segment have decreased notably, indicating financial strain [25]