山西证券：研究早观点-20241010

Group 1: Market Trends - The report highlights a significant decline in major indices, with the Shanghai Composite Index closing at 3,258.86, down 6.62% [1] - The electricity and public utilities sector experienced a drop of 5.41% in August, underperforming the broader market by 1.90 percentage points [2] Group 2: Electricity Consumption - From January to August, total electricity consumption reached 65,619 billion kilowatt-hours, marking a year-on-year growth of 7.9%, which is 2.9 percentage points higher than the same period last year [2][3] - In August alone, electricity consumption was 9,649 billion kilowatt-hours, showing an 8.9% year-on-year increase, with a growth rate up by 5.01 percentage points compared to the previous year [2][3] Group 3: Power Generation - Power generation from January to August was 62,379 billion kilowatt-hours, reflecting a 5.1% year-on-year increase [3] - In August, power generation totaled 9,074 billion kilowatt-hours, a 5.8% increase year-on-year, with thermal power generation growing by 3.7% [3] Group 4: Company Performance -昊华科技 - The company reported a revenue of 3.459 billion yuan for the first half of 2024, a decrease of 19.63% year-on-year, and a net profit of 370 million yuan, down 26.32% [7][8] - The gross margin for the first half was 27.45%, an increase of 2.88 percentage points year-on-year, while the net margin was 10.71%, a decrease of 0.97 percentage points [8][9] Group 5: Strategic Developments -昊华科技 - The acquisition of 中化蓝天 has been completed, enhancing the company's fluorochemical layout and expected to improve synergy [9][10] - The company plans to invest in new projects, including a 20,000 tons/year PVDF project and a 150,000 tons/year lithium-ion battery electrolyte project, with a total fundraising of up to 4.5 billion yuan [9][10] Group 6: Industry Insights -光伏产业 - The report indicates that the prices of polysilicon, silicon wafers, and battery cells remained stable, while module prices are on a downward trend [12][13] - The demand for high-performance materials in the optical module market is expected to grow significantly, driven by advancements in technology [5][6]