光伏行业2024年中报及趋势展望深度报告：中报业绩承压，重视技术更新及出海建设带来的投资机会
Chuancai Securities·2024-09-23 06:37

Investment Rating - The report indicates a negative outlook for the photovoltaic industry, with significant performance declines noted in the first half of 2024 [1][14]. Core Insights - The photovoltaic industry faced substantial pressure in mid-year performance, with a reported revenue of 458.9 billion yuan, reflecting a year-on-year decline of 21%, and a net profit of -0.671 billion yuan, marking a 100% year-on-year decrease [1][14]. - Despite the overall downturn, the demand for photovoltaic installations remains strong, with a notable increase in new installations in emerging markets, particularly in the Middle East and Asia-Pacific regions [2][17]. - Technological advancements and cost advantages in various segments of the industry present potential investment opportunities, particularly in processing equipment and the transition to N-type solar cells [2][21]. Summary by Sections 1. Market Review: Performance Under Pressure - The electric equipment sector, including photovoltaic equipment, has underperformed compared to the broader market, with a decline of 18.32% from January to August 2024 [8][11]. - The photovoltaic equipment sector experienced the most significant drop, with a decline of 29.98% [8][11]. 2. Industry Development Status and Trends - The total demand for photovoltaic installations remains robust, with 216 GW of new capacity added in 2023, a 147% increase year-on-year, and 123.53 GW added in the first half of 2024, a 27.14% increase [2][17]. - The manufacturing sector is focused on cost reduction and efficiency improvements, with multiple technological pathways being developed [2][17]. 3. Key Data Tracking - The main industry chain's revenue and net profit have both seen significant declines, with a total revenue of 316.3 billion yuan in the first half of 2024, down 30.5% year-on-year [17][18]. - The processing equipment segment has shown positive growth, with over half of the companies in this segment reporting increases in both revenue and net profit [21].