固德威：Q2实现扭亏，静待下半年业绩弹性释放

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a turnaround in Q2, with expectations for performance recovery in the second half of the year [2] - The company reported a revenue of 3.15 billion yuan in the first half of 2024, a year-on-year decrease of 17.5%, and a net loss attributable to shareholders of 24 million yuan, a year-on-year decrease of 103.2% [2] - Q2 revenue was 2.02 billion yuan, a year-on-year decrease of 3.5%, with a net profit of 5 million yuan, marking a return to profitability on a quarter-on-quarter basis, but a year-on-year decrease of 98.8% [2] - The company faced challenges due to inventory issues in Europe, leading to a decline in sales of inverters and energy storage products [2] - The sales volume of household distributed systems increased significantly, impacting the overall gross margin due to lower margins on these products [2] - The company is expected to benefit from a recovery in European household storage demand in the second half of the year, with improved economic conditions for storage systems [2] Summary by Sections Financial Performance - The company reported a total revenue of 31.5 billion yuan in the first half of 2024, with a 17.5% year-on-year decline [2] - The inverter sales volume was 278,500 units, down 33.6% year-on-year, with grid-connected inverters at 255,900 units (down 14.7%) and energy storage inverters at 22,600 units (down 81.1%) [2] - Energy storage battery sales were 132 MWh, a decrease of 45.1% year-on-year [2] Cost and Expenses - The company experienced an increase in expense ratios due to a decline in revenue and increased marketing and R&D expenditures [2] - The expense ratios for sales, management, and R&D were 8.14%, 5.12%, and 8.42%, respectively, with year-on-year increases of 2.38, 1.68, and 2.81 percentage points [2] Future Outlook - The company adjusted its net profit forecasts for 2024-2026 to 450 million, 920 million, and 1.27 billion yuan, respectively, with corresponding P/E ratios of 26, 13, and 9 times [2] - The report anticipates a gradual release of performance elasticity in the second half of the year as European market conditions improve [2]