Windey(300772) 华金证券·2024-08-31 09:38Investment Rating - The report maintains a "Buy-A" investment rating for the company, indicating an expected return exceeding 15% over the next six months compared to the CSI 300 index [1][3]. Core Views - The company has shown a revenue increase of 22.65% year-on-year, reaching 8.628 billion yuan in the first half of 2024, although the net profit attributable to shareholders decreased by 0.54% to 147 million yuan [1]. - The company's wind turbine sales revenue was 6.482 billion yuan, with a gross margin of 10.34%, reflecting a decline of 5.52 percentage points year-on-year due to low-priced orders impacting profitability [1]. - The company has a strong order backlog, with cumulative orders reaching 34,204.63 MW, positioning it as a leader in the domestic market [1]. - The "Two Seas" strategy is being effectively implemented, enhancing the company's capabilities in offshore and overseas wind power projects, which are expected to be long-term growth drivers [1]. - The company has increased its R&D investment by 17.02% year-on-year, focusing on developing new wind turbine models and digital solutions for the renewable energy sector [1]. Financial Data Summary - For the fiscal year 2024, the company is projected to achieve a revenue of 22.034 billion yuan, with a year-on-year growth of 17.7% [4]. - The net profit attributable to shareholders is expected to recover to 635 million yuan in 2024, representing a growth of 53.4% compared to the previous year [4]. - The gross margin is anticipated to improve to 15.5% in 2024, with a projected net margin of 2.9% [4]. - The earnings per share (EPS) is forecasted to be 0.91 yuan in 2024, with a price-to-earnings (P/E) ratio of 10.9 [4][5].