Jolywood(300393) 东吴证券·2024-12-31 13:20Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company is a leader in the photovoltaic backsheet industry, with a significant decline in revenue and profit due to market conditions [2][4] - The company has a strong position in the TOPCon battery technology, but faces challenges from industry downturns [2][4] - The state-owned enterprise backing provides substantial support for the company's development [3][4] Summary by Sections 1. Company Overview - The company has been focused on the photovoltaic industry since its establishment in 2008, starting with backsheet production and expanding into battery and distributed energy services [21][22] 2. Business Performance - The company has maintained the highest global backsheet shipment for three consecutive years, reaching 280GW by June 30, 2024. However, the backsheet market has faced oversupply and declining prices, leading to a 55.03% year-on-year revenue decrease in H1 2024 [2][28] - The company's battery components have achieved high efficiency, with the latest TOPCon technology reaching a maximum efficiency of 26.7%. However, revenue from this segment also saw a significant decline of 56.40% year-on-year in H1 2024 [2][29] - The company has been a pioneer in the household photovoltaic sector, with a revenue drop of 49.08% in H1 2024, despite a focus on expanding its commercial and centralized EPC business [8][31] 3. Financial Forecasts - The profit forecasts for 2024 and 2025 have been revised downwards to -0.555 billion and 0.044 billion respectively, with a new forecast for 2026 at 0.208 billion. The expected year-on-year changes in net profit are -205%, +108%, and +367% for 2024, 2025, and 2026 respectively [4][33]