晶澳科技：爬坡结束成本大幅优化，美国出货规模稳健

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 54.348 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.39%. The net profit attributable to the parent company was -0.484 billion yuan. In Q3 2024, the revenue was 16.991 billion yuan, down 11.22% year-on-year and down 20.55% quarter-on-quarter, but the net profit was 0.39 billion yuan, marking a significant turnaround [4][5]. - The company completed the ramp-up of its large-scale TOPCon capacity in the second half of 2023, which had previously impacted operating profits. With the ramp-up completed in June, Q3 saw significant cost optimization, leading to better-than-expected performance. The unit cost decreased quarter-on-quarter, driven by lower silicon material prices and reduced average prices for auxiliary materials [5][6]. - The company shipped approximately 57 GW of battery modules from Q1 to Q3 2024, with overseas shipments accounting for about 52.40%. Q3 shipments were slightly lower due to industry demand, but shipments to the U.S. remained stable [5][6]. - The company demonstrated excellent cost control in Q3 2024, with operating expenses at 1.08 billion yuan, remaining stable quarter-on-quarter. After accounting for asset impairment losses, the company's profitability was better than reported. The operating cash flow turned positive for the year, with a net inflow of 2.092 billion yuan [5][6]. - The company's supply chain management capabilities are strong, and with the completion of the TOPCon ramp-up and an increase in self-supply ratios, profitability is expected to reach industry-leading levels. By the end of 2024, the company's module production capacity is projected to reach 100 GW, with silicon wafer and battery capacity at 80% of module capacity [6]. Financial Summary - For Q3 2024, the company reported a net operating cash inflow of 2.092 billion yuan, indicating a positive cash flow for the year [5][6]. - The company’s revenue for 2024 is projected to be 83.645 billion yuan, with a gross profit margin of 7% [10].