ZTT(600522) 国联证券·2024-09-03 02:03Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a year-on-year revenue increase of 6.32% to 21.416 billion yuan in H1 2024, but the net profit attributable to shareholders decreased by 25.31% to 1.460 billion yuan [6][8] - The second quarter of 2024 saw a quarter-on-quarter revenue increase of 11.00% to 13.174 billion yuan, with a net profit of 824 million yuan, reflecting a 30.57% year-on-year decline but a 29.50% quarter-on-quarter increase [7] - The company is expected to benefit from a recovery in the offshore wind sector, with a backlog of orders in the energy network field amounting to approximately 28.2 billion yuan, including 12.3 billion yuan from marine series projects [7][8] Financial Performance Summary - For H1 2024, the company achieved operating revenue of 21.416 billion yuan, a year-on-year increase of 6.32%, and a net profit of 1.460 billion yuan, a decrease of 25.31% [6] - The company’s Q2 2024 performance showed a revenue of 13.174 billion yuan, a year-on-year increase of 11.00%, and a net profit of 824 million yuan, which is a 30.57% decline year-on-year but a 29.50% increase quarter-on-quarter [7] - The company’s revenue projections for 2024-2026 are 50.882 billion yuan, 58.383 billion yuan, and 64.532 billion yuan, with growth rates of 12.91%, 14.74%, and 10.53% respectively [8] Earnings Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2024-2026 is 3.535 billion yuan, 4.618 billion yuan, and 5.333 billion yuan, with growth rates of 13.44%, 30.62%, and 15.50% respectively [8] - The earnings per share (EPS) are projected to be 1.04 yuan, 1.35 yuan, and 1.56 yuan for 2024-2026, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 8 times [8]