DHI(002487) 民生证券·2024-09-01 12:16Investment Rating - The report maintains a "Recommend" rating for the company, citing its strong growth potential and market share expansion in the wind power industry [2][5] Core Views - The company's revenue for H1 2024 was 1.356 billion yuan, a year-on-year decrease of 34.2%, with net profit attributable to the parent company at 174 million yuan, down 36.23% [2] - Despite the decline, the company has improved its product and market structure, with overseas business accounting for over 60% of revenue, up 16 percentage points year-on-year [2] - The company has successfully delivered multiple offshore projects in Europe, including the Moray West project in Scotland and the NOY-lles D'Yeu et Noirmoutier project in France [2] - The report forecasts revenue growth of 9%, 38%, and 32% for 2024-2026, with net profit growth of 33%, 59%, and 46% respectively [2] Financial Performance - In Q2 2024, the company's revenue was 893 million yuan, down 25.96% year-on-year but up 92.91% quarter-on-quarter [2] - Gross margin for H1 2024 was 28.57%, an increase of 4.61 percentage points year-on-year, while net margin was 12.82%, down 0.41 percentage points [2] - Operating cash flow for H1 2024 was 247 million yuan, an increase of 495 million yuan compared to the same period last year [2] Market and Product Strategy - The company has optimized its product and market structure, focusing on offshore wind power projects, which now account for over 57% of total revenue [2] - The company has reduced its scale in low-yield, poor-payment onshore wind tower projects, improving profitability and cash flow quality [2] Project Updates - The company has completed the delivery of the Moray West project in Scotland, including 48 ultra-large monopiles, 30 transition pieces, and 12 offshore towers [2] - For the NOY-lles D'Yeu et Noirmoutier project in France, 41 out of 61 monopiles have been delivered, with the final batch expected to be shipped soon [2] - The company has also shipped the first batch of products for the Thor offshore wind project in Denmark and completed the trial production for the NSC offshore wind project in Germany [2] Valuation and Forecast - The report forecasts the company's revenue for 2024-2026 to be 4.72 billion, 6.53 billion, and 8.59 billion yuan, respectively [2][4] - Net profit attributable to the parent company is expected to be 566 million, 902 million, and 1.312 billion yuan for 2024-2026, with corresponding P/E ratios of 23x, 14x, and 10x [2][4] - The company's EPS is projected to be 0.89, 1.41, and 2.06 yuan for 2024-2026, with a PB ratio of 1.8x, 1.6x, and 1.4x respectively [4][6]