光伏行业2024年中报总结：业绩低谷，尚待出清

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the electric equipment and new energy sector [5]. Core Insights - The photovoltaic industry is currently experiencing a downturn in profitability, with market clearing underway. In the first half of 2024, 72 A-share photovoltaic companies reported a total operating revenue of 549.47 billion yuan, a year-on-year decline of 18.23%, and a net profit attributable to shareholders of 7.30 billion yuan, down 91.45% [7][10]. - The main reasons for the poor performance include significant overcapacity in the photovoltaic industry, irrational competition leading to excessive price declines, and some product prices falling below cash costs, compounded by fixed asset and inventory impairments [10][20]. Summary by Sections 1. Industry Performance - The overall performance of the photovoltaic industry is under pressure, with the second quarter showing further deterioration. The operating revenue for Q1 and Q2 of 2024 was 259.50 billion yuan and 289.97 billion yuan, respectively, with year-on-year declines of 16.97% and 19.33% [10][19]. - The photovoltaic sector's profitability is in a downward cycle, with gross margins and net profit margins significantly decreasing [20][21]. 2. Subsector Analysis - Main Material Segment: The main material segment is struggling with profitability, and capital expenditures have significantly decreased. Despite high shipment volumes, revenues have declined across all major material segments due to overcapacity and asset impairments [2][3]. - Photovoltaic Equipment: The demand for equipment has decreased due to the clearing of downstream capacity, leading to a decline in performance in Q2 [3][4]. - Inverter Exports: The export situation for photovoltaic inverters has improved, with a recovery in performance in Q2 due to overseas demand [4]. - Photovoltaic Glass: The profitability of photovoltaic glass has turned negative, with significant differentiation between first and second-tier companies [4]. 3. Investment Recommendations - The report suggests focusing on leading companies in the photovoltaic glass, encapsulant, integrated components, polysilicon, perovskite battery equipment, photovoltaic inverters, and electronic silver paste sectors, as they are expected to weather the industry downturn due to their scale, cost, and financial strength [5][29].