电力设备及新能源行业24年光伏中报总结：漫漫长夜，曙光初现

Investment Rating - The investment rating for the solar power equipment and new energy sector is "Outperform the Market" [2]. Core Insights - The report highlights that the solar equipment sector experienced a total revenue of 463.98 billion yuan in the first half of 2024, a year-on-year decline of 14.61%, with a net profit attributable to shareholders of -0.425 billion yuan, marking a 100.64% decrease [2][37]. - The report indicates that the industry is currently facing significant challenges, including a rapid decline in product prices and profitability pressures across most segments of the supply chain [39][60]. - Despite the downturn, the report notes that domestic solar installations reached 102.48 GW in the first half of 2024, a year-on-year increase of 30.7%, indicating resilient demand [3][10]. Summary by Sections 1. Half-Year Report Analysis - The solar equipment sector's performance in the first half of 2024 was marked by a significant revenue drop and net losses, with the second quarter showing the lowest performance in recent years [39][42]. - The report emphasizes the impact of irrational competition and the need for industry consolidation to improve profitability [1][60]. 2. Demand and Supply Dynamics - Domestic solar installations and exports have shown positive growth, supporting global solar demand despite supply-side pressures leading to inventory accumulation and price declines [10][11]. - The report discusses the oversupply in the market, particularly in the silicon wafer segment, which has led to significant price drops and profitability challenges [62][63]. 3. Investment Recommendations - The report suggests that the current state of low price-to-book (PB) valuations and a fragmented market structure presents potential investment opportunities, particularly in companies with strong fundamentals and market positions [5][12]. - Key investment targets include companies like Sungrow Power Supply, Deye Technology, and Jinlang Technology, which are expected to benefit from the recovery in the solar market [5][49].