福能股份2024年半年报点评：来风好转拉动业绩，远期装机空间广阔

Investment Rating - The report maintains a "Buy" rating for Funiu Co., Ltd. [5] Core Views - The company's 2Q24 performance met expectations, with significant growth potential in future installations driven by favorable wind conditions and improved profitability in gas power generation [5] - The target price has been raised to 11.77 yuan, based on a 11x PE for 2024 [5] Summary by Sections Financial Performance - For 1H24, the company reported revenue of 6.66 billion yuan, a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 1.19 billion yuan, up 27.1% [5] - In 2Q24, revenue reached 3.58 billion yuan, reflecting an 8.3% year-on-year growth, while net profit was 660 million yuan, a 64.5% increase year-on-year [5] - Wind power generation increased significantly, with 2Q24 wind power output at 1.12 billion kWh, up 19.7% year-on-year [5] Future Growth Potential - The company has a strong financial position and a rich reserve of power generation projects, indicating high growth potential for future installations [5] - Recent approvals for offshore wind projects and plans to issue convertible bonds for new projects further support this growth outlook [5] Market Data - The stock has a market capitalization of 26.198 billion yuan and a current price of 10.99 yuan [6] - The company’s net asset value per share is 8.59 yuan, with a price-to-book ratio of 1.2 [7]