GOLDWIND(002202) 光大证券·2024-08-29 03:43Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][4]. Core Views - The company reported steady revenue growth in the first half of 2024, with total revenue reaching 20.202 billion yuan, a year-on-year increase of 6.32%, and a net profit attributable to shareholders of 1.387 billion yuan, up 10.83% year-on-year [2]. - The sales and order scale of large megawatt products continue to improve, leading to significant profitability enhancements in the complete machine business [2]. - The company is focusing on international and offshore business, which, along with cost reduction and efficiency improvement measures, has led to a notable increase in gross profit margin for wind turbine and component sales [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 20.202 billion yuan, with a net profit of 1.387 billion yuan, and a non-recurring net profit of 1.373 billion yuan, reflecting a year-on-year growth of 33.01% [2]. - For Q2 2024, revenue was 13.223 billion yuan, a decrease of 1.59% year-on-year, while net profit surged by 6251.60% year-on-year to 1.054 billion yuan [2]. Sales and Orders - The company sold 5150.72 MW of turbine capacity in H1 2024, a decrease of 10.94% year-on-year, primarily due to a slowdown in domestic wind power construction [2]. - The order backlog reached 38,357.84 MW by the end of June 2024, with external orders increasing by 26.40% year-on-year [2]. Profitability - Despite increasing competition, the company's gross profit margin for wind turbine and component sales improved by 6.29 percentage points to 3.75% in H1 2024 [2]. - The company’s focus on wind power services and wind farm investments is expected to support its annual performance [2]. Future Outlook - The report projects net profits for 2024-2026 to be 2.218 billion, 2.757 billion, and 3.192 billion yuan respectively, with corresponding EPS of 0.52, 0.65, and 0.76 yuan [2]. - The current A/H share prices correspond to a PE ratio of 16 and 8 times for 2024 [2].