时代新材：风电叶片优势显著，汽车板块扭亏为盈

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Views - The company reported a revenue of 8.66 billion yuan for the first half of 2024, representing a year-on-year increase of 5%. The net profit attributable to shareholders was 222 million yuan, up 10% year-on-year, with a non-recurring net profit increase of 17% [3][4]. - The automotive segment turned profitable, achieving a revenue of 3.65 billion yuan in the first half of the year, a 10% increase year-on-year, and a net profit improvement from a loss of 111 million yuan to a profit of 25 million yuan [3][4]. - The wind power blade segment maintained stable revenue, with approximately 2.81 billion yuan in revenue for the first half, a slight decrease of 0.5% year-on-year, but with significant growth in sales volume due to rapid price declines in the industry [3][4]. Summary by Sections Financial Performance - The company achieved a total profit of 295 million yuan in the first half of 2024, a 29% increase year-on-year, with contributions from various segments: rail transit (152 million yuan), industrial and engineering (103 million yuan), wind power (25 million yuan), and automotive (53 million yuan) [3][4]. - The second quarter alone saw revenues of 4.46 billion yuan, a 6% increase year-on-year, with net profit reaching 102 million yuan, an 8% increase year-on-year [3][4]. Segment Analysis - Wind Power: The wind power blade revenue was approximately 2.81 billion yuan, with a market share maintaining the second position domestically. The company is expanding production capacity and optimizing customer structure [3][4]. - Automotive: The automotive segment's revenue was 3.65 billion yuan, with significant profit recovery attributed to organizational adjustments and cost reductions in raw materials [3][4]. - Rail Transit: The rail transit segment saw a revenue increase of 24% year-on-year, reaching 1.15 billion yuan, with a strong market presence and growth in overseas markets [4]. - Industrial and Engineering: This segment experienced a slight decline in revenue, down 3% year-on-year to 900 million yuan, primarily due to weak local infrastructure investments [4]. Future Outlook - The company is expected to achieve net profits of 640 million yuan and 873 million yuan for 2024 and 2025, respectively, corresponding to valuation multiples of 12 and 9 times [4].