艾罗能源：业绩符合预期，Q2单季度出货环比大增

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a favorable outlook for the stock price in the next 6-12 months [3]. Core Views - The company's performance in H1 2024 met expectations, with a significant quarter-on-quarter increase in shipments in Q2 [2][3]. - Despite a year-on-year revenue decline of 53.4% in H1, the company is increasing its R&D investments, which now account for 15% of revenue, up 11.5 percentage points year-on-year [2][3]. - The company is actively expanding into new markets, including Pakistan, Ukraine, and South Africa, and has established a robust distribution network [2][3]. Financial Performance - For H1 2024, the company reported revenue of 1.58 billion yuan, down 53.4% year-on-year, and a net profit of 100 million yuan, down 89.4% year-on-year [1][2]. - In Q2 2024, revenue was 900 million yuan, a decrease of 37% year-on-year but an increase of 31.4% quarter-on-quarter, with a net profit of 70 million yuan, down 85.4% year-on-year but up 103.3% quarter-on-quarter [1][2]. - The gross margin for H1 2024 was 38.3%, a decrease of 2.5 percentage points year-on-year, attributed to changes in product mix and increased sales in emerging markets [2]. Shipment and Production Data - In H1 2024, the company shipped approximately 327 MWh of energy storage batteries and around 60,000 energy storage inverters, with Q2 shipments showing significant growth [2]. - Q2 2024 saw a 69.1% quarter-on-quarter increase in energy storage inverter shipments and a 155.6% increase in grid-connected inverter shipments [2]. Market Position and Strategy - The company has a well-established distribution network and a rich customer base, selling products to over 80 countries and obtaining more than 1,100 domestic and international certifications [2]. - The company is focusing on commercial energy storage products and has successfully launched multiple new products [2]. Earnings Forecast - The projected EPS for 2024, 2025, and 2026 is 2.60 yuan, 4.44 yuan, and 5.27 yuan respectively, with corresponding net profits of 420 million yuan, 710 million yuan, and 843 million yuan [3][5]. - The P/E ratios for 2024, 2025, and 2026 are expected to be 20.8, 12.2, and 10.2 respectively, indicating a potential for growth in earnings [3][5].