错过一次性调整，打造强劲的2024下半年

Investment Rating - The report maintains a neutral investment rating for Vestas Wind Systems (VWS DC) [1][2]. Core Insights - Vestas reported an adjusted net loss of €158 million for Q2 2024, significantly below the expected net income of €21.6 million, primarily due to a €300 million adjustment related to its service division [1][2]. - The company has revised its revenue guidance for FY 2024 to a range of €16.5 billion to €17.5 billion, down from €16 billion to €18 billion, while maintaining a stable investment level of €1.2 billion [2]. - Vestas received orders totaling 3.6 GW in Q2 2024, resulting in a record backlog of €6.3 billion, indicating strong demand despite the recent financial setbacks [1][2]. Summary by Sections Financial Performance - Q2 2024 revenue was reported at €3.296 billion, lower than the market expectation of €3.689 billion, with an EBITDA of €40 million, far below the anticipated €253.4 million [2][5]. - The adjusted net loss for Q2 2024 was €158 million, compared to an expected profit, reflecting a significant decline in profitability [5]. - The EBIT margin was reported at -5.6%, a decrease from previous quarters, indicating ongoing challenges in maintaining profitability [2][5]. Order and Market Dynamics - Total orders in Q2 2024 increased by 54% year-over-year, with a quarterly increase of 61%, showcasing a robust order intake [2][5]. - The company noted strong order momentum from the U.S. market, which continues to grow, alongside increasing overseas orders [2][5].