双良节能：硅片盈利超预期，设备贡献稳定利润

Investment Rating - The report maintains a "Buy" rating for Shuangliang Energy (600481 SH) [4] Core Views - Shuangliang Energy's Q3 2024 revenue was 3 367 billion yuan, down 49 44% YoY but up 23 26% QoQ The net profit attributable to the parent company was -82 million yuan, showing a significant improvement from the previous quarter [4] - Despite industry-wide pressure on silicon wafer profitability, the company optimized its cost structure and raw material management, leading to a substantial reduction in losses [4] - The equipment segment, particularly in energy-saving and water-saving sectors, contributed stable profits during the peak delivery season in H2 2024 [4] - The company's expense control improved, with the Q3 2024 period expense ratio dropping to 9 64%, a decrease of 3 51 percentage points QoQ [4] - Operating cash inflow in Q3 2024 was 205 million yuan, indicating an improvement in the company's financial position [4] Financial Performance - For the first three quarters of 2024, Shuangliang Energy reported revenue of 10 347 billion yuan, a 44 93% YoY decline, and a net loss attributable to the parent company of 1 339 billion yuan [4] - The company's silicon wafer business saw a reduction in unit losses despite lower shipment volumes, exceeding expectations [4] - The equipment segment, particularly in energy-saving and water-saving sectors, contributed stable profits during the peak delivery season in H2 2024 [4] Future Outlook - The silicon wafer industry is expected to see improved pricing and profitability as leading companies reduce production capacity, with Shuangliang Energy likely to benefit from its cost advantages [5] - The equipment segment is expected to maintain stable profit contributions, with overseas and hydrogen energy businesses expanding steadily, potentially becoming new growth drivers [5] - In September 2024, Shuangliang Energy began delivering equipment for a 100 000-ton high-purity silicon-based material project in Oman, marking a significant step in expanding its international presence in the new energy market [5] Financial Data - As of November 6, 2024, the company's stock price was 7 20 yuan, with a total market capitalization of 1 87068 billion shares [6] - The company's net asset per share was 2 86 yuan, with the stock price ranging between 9 87 yuan and 3 46 yuan over the past 12 months [6]