福能股份：2024年半年报点评：业绩符合预期，海风规模继续扩张

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 9.96 yuan [2]. Core Insights - The company's H1 2024 performance met expectations, with revenue of 6.665 billion yuan, a year-on-year increase of 4.57%, and a net profit attributable to shareholders of 1.188 billion yuan, up 27.12% year-on-year [1]. - The company has expanded its offshore wind power capacity, contributing to revenue growth, with offshore wind generation reaching 1.531 billion kWh in H1 2024, a 4.93% increase year-on-year [1]. - The company is investing in a new combined heat and power project, which is expected to enhance its operational capacity and profitability in the future [1]. Financial Performance Summary - For H1 2024, the company achieved a total revenue of 6.665 billion yuan, with a net profit of 1.188 billion yuan, reflecting a 27.12% increase year-on-year [1]. - In Q2 2024, the company reported revenue of 3.577 billion yuan, a year-on-year increase of 8.33%, and a net profit of 662 million yuan, up 64.27% year-on-year [1]. - The company's total power generation in H1 2024 was 111.59 billion kWh, a 2.76% increase year-on-year, with heat supply reaching 4.8648 million tons, up 12.43% year-on-year [1]. Future Earnings Forecast - The report projects net profits for the company to be 3.012 billion yuan in 2024, 3.212 billion yuan in 2025, and 3.277 billion yuan in 2026, with corresponding EPS of 1.16, 1.24, and 1.27 yuan [2][6].