AsAc(601890) 平安证券·2024-08-27 11:08Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company's profitability has improved year-on-year, with expectations for accelerated delivery in the second half of the year [4] - The floating offshore wind sector is anticipated to experience significant technological innovations, which may enhance the company's growth prospects [4][5] - The company has adjusted its profit forecasts based on order acquisition, projecting net profits of 281 million, 314 million, and 369 million yuan for 2024-2026 [5] Financial Performance Summary - For the first half of 2024, the company reported revenue of 936 million yuan, a year-on-year decrease of 7.55%, while net profit attributable to shareholders was 139 million yuan, an increase of 26.52% [3] - The second quarter of 2024 saw revenue of 487 million yuan, down 7.00% year-on-year, but net profit increased by 39.56% to 71 million yuan [3] - The overall gross margin for the first half of 2024 was 27.4%, an increase of 0.92 percentage points year-on-year [4] Product Sales and Market Dynamics - Total sales volume for various products in the first half of 2024 was 78,289 tons, a decrease of 7.68% year-on-year, with ship chains and accessories showing a slight increase in sales volume [4] - The company secured new orders totaling 1.089 billion yuan, with ship anchor chain orders amounting to 909 million yuan [4] Future Projections - The company aims to achieve a revenue target of 2.32 billion yuan for 2024, with specific targets of 1.68 billion yuan for ship anchor chains and 640 million yuan for marine engineering mooring chains [4] - The projected revenue growth rates for 2024-2026 are 23.0%, 8.7%, and 10.9%, respectively [8]