日月股份：投资收益增厚业绩，期待终端需求回暖

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][6] Core Views - The company's revenue for the first half of 2024 was 1.788 billion yuan, a year-on-year decrease of 25.4%, while the net profit attributable to shareholders was 422 million yuan, a year-on-year increase of 44.71% [4][5] - The company has transferred 80% of its stake in Jiuquan Zhexin Wind Power Co., Ltd., resulting in an investment income of approximately 273 million yuan, which significantly contributed to the net profit growth [5][6] - The company has a sufficient production capacity of 700,000 tons for casting and 320,000 tons for precision machining, with ongoing efforts to enhance its processing capabilities [5][6] Financial Summary - The company reported a gross margin of 19.14%, down 2.43 percentage points year-on-year, primarily due to weak downstream demand and increased price competition in the casting industry [5] - The projected net profits for 2024-2026 are 682 million, 771 million, and 900 million yuan, respectively, with corresponding dynamic P/E ratios of 15.7, 13.9, and 11.9 [6][9] - The company has a total market capitalization of 10.7 billion yuan and a debt-to-asset ratio of 19.8% [3][4]