通威股份：2024年半年报点评：业绩阶段性承压，收购润阳完善产业链布局

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company experienced significant revenue decline in H1 2024, with a revenue of 43.797 billion yuan, down 40.87% year-on-year, and a net loss attributable to shareholders of 3.129 billion yuan, down 123.58% year-on-year [1] - The company is expanding its production capacity in high-purity silicon and battery segments, with a projected increase in high-purity silicon capacity to 800,000 to 1,000,000 tons by 2026 [1] - The acquisition of Runyang is expected to enhance the company's market share in the silicon sector and improve its overseas production layout [1] Financial Performance Summary - For H1 2024, the company reported a revenue of 43.797 billion yuan, a net loss of 3.129 billion yuan, and a non-recurring net loss of 3.178 billion yuan [1] - The company anticipates revenues of 110.255 billion yuan, 141.892 billion yuan, and 168.119 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at -3.951 billion yuan, 3.754 billion yuan, and 6.613 billion yuan for the same years [2][6] - The company's gross margin is expected to improve from 5.07% in 2024 to 11.97% in 2026 [6] Production and Market Position - The company achieved a high-purity silicon sales volume of 228,900 tons in H1 2024, a year-on-year increase of 28.82%, maintaining a domestic market share of over 25% [1] - The company has transformed its entire 38GW PERC capacity to N-type, with TNC battery production expected to exceed 100GW by the end of 2024 [1] - Component sales reached 18.67GW in H1 2024, a year-on-year increase of 108.36%, with ongoing efforts to expand into international markets [1]