晶澳科技：Q3业绩扭亏为盈，经营彰显韧性

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Views - The company achieved a turnaround in Q3 2024, with a net profit of 390 million yuan, significantly exceeding expectations despite a year-on-year revenue decline of 11.22% [1]. - The TOPCon battery project has seen a notable reduction in production costs, contributing to the improved performance in Q3 2024 [1]. - The company’s cash flow remains robust, with a net cash flow from operating activities of 2.092 billion yuan in Q3 2024 [1]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported revenues of 54.348 billion yuan, a decrease of 9.39% year-on-year, and a net loss of 484 million yuan, down 107.16% year-on-year [1]. - In Q3 2024, the company’s revenue was 16.991 billion yuan, with a net profit of 390 million yuan, marking a year-on-year decline of 80.02% [1][2]. Production and Efficiency - The company’s N-type battery production capacity has reached over 57 GW, with the latest production efficiency at 26.5% [1]. - The comprehensive gross margin improved to 8.67% in Q3 2024, a significant increase of 5.62 percentage points from the previous quarter [1]. Market Position and Sales - The company’s total battery module shipments reached approximately 57 GW in the first three quarters of 2024, with overseas shipments accounting for about 52.4% [1]. - In Q3 2024, the shipment of battery modules was 18.5 GW, with N-type components making up about 75% of the total shipments [1]. Future Outlook - The company expects net profits for 2024 to be -791 million yuan, with projections of 2.446 billion yuan and 3.498 billion yuan for 2025 and 2026, respectively [2]. - The company plans to increase its module production capacity to over 100 GW by the end of 2024 [1].