Jiaze Renewables(SH:601619) SINOLINK SECURITIES·2024-08-18 01:00Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported a revenue of 1.24 billion RMB in the first half of 2024, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of 410 million RMB, down 20.6% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 640 million RMB, a decline of 1.1% year-on-year, and a net profit of 210 million RMB, down 21.2% year-on-year, primarily due to high profit base from the sale of wind farms in Q2 2023 [1]. - The company has seen a slight decrease in power generation in Q2, with a total generation of 1.37 billion kWh, down 2.6% year-on-year, while the on-grid electricity price increased slightly to 0.5187 RMB/kWh, up 2.5 cents from Q1 [1]. - The company has significantly increased its construction projects, with approximately 2.67 billion RMB in ongoing projects in Q2 2024, an increase of 1.12 billion RMB from Q1 2024 [1]. - The company plans to distribute a cash dividend of approximately 0.10 RMB per 10 shares, totaling 24.34 million RMB, which accounts for 5.91% of the net profit attributable to shareholders [1]. - The profit forecast for 2024-2026 has been adjusted to 960 million RMB, 1.21 billion RMB, and 1.59 billion RMB, respectively, with corresponding P/E ratios of 8, 6, and 5 [1]. Summary by Sections Performance Review - The company reported a revenue of 1.24 billion RMB in H1 2024, down 4.2% year-on-year, and a net profit of 410 million RMB, down 20.6% year-on-year [1]. - Q2 2024 revenue was 640 million RMB, a decline of 1.1% year-on-year, with a net profit of 210 million RMB, down 21.2% year-on-year [1]. Operational Analysis - Q2 power generation was 1.37 billion kWh, down 2.6% year-on-year, with on-grid electricity price at 0.5187 RMB/kWh, up 2.5 cents from Q1 [1]. - The company has ongoing projects worth approximately 2.67 billion RMB, with significant progress in multiple projects [1]. Dividend Policy - The company plans to distribute a cash dividend of approximately 0.10 RMB per 10 shares, totaling 24.34 million RMB, which is 5.91% of the net profit [1]. Profit Forecast and Valuation - Adjusted profit forecasts for 2024-2026 are 960 million RMB, 1.21 billion RMB, and 1.59 billion RMB, with P/E ratios of 8, 6, and 5 [1].