广西能源：业绩符合预期，期待公司未来高成长

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for future growth [1]. Core Insights - The company reported a significant decline in revenue for the first half of 2024, with operating income at 1.92 billion yuan, down 81.71% year-on-year, while net profit attributable to shareholders increased by 216.2% to 11 million yuan [1]. - Improved water inflow has positively impacted the company's hydropower and grid profits, leading to notable profit growth in the first half of 2024 [1]. - The company is focusing on divesting non-core assets and expanding investments in renewable energy, including plans to sell all shares in Global New Materials [1]. - The company is expected to benefit from asset injections from its parent group, with significant offshore wind power projects set to contribute to future profit growth [1]. - Profit forecasts for 2024-2026 are set at 194 million, 395 million, and 634 million yuan, with respective growth rates of 11290%, 104%, and 60.4% [1]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved hydropower generation of 2.09 billion kWh, a year-on-year increase of 28.11% [1]. - The company reported a net profit of 69 million yuan in Q2 2024, compared to a loss of 30 million yuan in the same period last year [1]. - Significant reductions in sales, management, and financial expenses were noted, with sales expenses down by 127 million yuan [1]. Strategic Developments - The company plans to divest from non-core financial assets to enhance profit predictability [1]. - The establishment of multiple subsidiaries focused on renewable energy investments is underway [1]. - The company is positioned to benefit from the integration of energy assets within the Guangxi region [1]. Growth Potential - The company is expected to see continued growth from its offshore wind power projects, with 1.8 GW of capacity planned for production between 2024 and 2026 [1]. - The anticipated injection of additional quality assets from the parent group is expected to further enhance growth prospects [1].