Sinoma Science & Technology (002080) 天风证券·2024-08-23 14:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.10 yuan, based on a 19 times PE for 2024 [3][5]. Core Insights - The company reported a significant decline in net profit for the first half of 2024, with a year-on-year decrease of 66.6%, amounting to 465 million yuan [1][3]. - The revenue for the first half of 2024 was 1.054 billion yuan, down 14.86% year-on-year, with a non-recurring net profit of 234 million yuan, reflecting an 81.25% decline [1][3]. - The company expects an acceleration in wind power project commencement in the second half of 2024, which may lead to improved profitability in the wind blade segment [2][3]. Financial Performance Summary - Wind blade revenue for the first half of 2024 was 2.83 billion yuan, down 34.1% year-on-year, with sales volume decreasing by 21.6% to 7.52 GW [2]. - The average price per MW for wind blades was 37.6 thousand yuan, down 12.4% quarter-on-quarter, with a net profit margin of 1.2 thousand yuan, down 36.3% [2]. - The gross margin for wind blades was 15.5%, a decrease of 1.7 percentage points year-on-year [2]. Glass Fiber Business - Glass fiber and products revenue for the first half of 2024 was 3.85 billion yuan, down 6.5% year-on-year, with sales volume increasing by 7.2% to 681 thousand tons [2]. - The average price for glass fiber was 5,661 yuan per ton, up 25.6% quarter-on-quarter, while the gross margin was 15.37%, down 9.69 percentage points year-on-year [2]. - The company is optimistic about the profitability of its glass fiber business due to value-added product enhancements and effective inventory reduction [2][3]. Membrane Business - Membrane revenue for the first half of 2024 was 760 million yuan, down 24.4% year-on-year, with intensified competition leading to price reductions [2]. - The sales volume for membranes was 810 million square meters, up 15.1% year-on-year, but the average price dropped to 0.94 yuan, down 33.8% [2]. - The company has focused on improving product structure and cost control, achieving a 3.4% reduction in unit costs [2]. Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 1.07 billion, 1.43 billion, and 1.86 billion yuan respectively, reflecting a significant downward revision from previous estimates [3]. - The report highlights the long-term growth potential in the wind blade and glass fiber sectors, driven by increasing global demand for renewable energy and sustainability initiatives [2][3].