Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][6]. Core Insights - The company experienced a revenue decline of 33.6% year-on-year in the first half of the year, with total revenue reaching 810 million yuan. The net profit attributable to the parent company was 100 million yuan, down 27.9% year-on-year [1]. - The company's cash dividend for the first half of the year was 30.8 million yuan, representing a payout ratio of 31% [1]. - The company is focusing on improving its operational efficiency and expanding its customer base through strategic partnerships and increased R&D investment [2][4]. Financial Performance Summary - In H1 2024, the company reported a revenue of 810 million yuan, with a significant drop in Q2 revenue to 313 million yuan, down 51.04% year-on-year. The net profit for Q2 was 48 million yuan, showing a year-on-year increase of 14.5% [1]. - The gross margin decreased to 19.1%, down 3.69 percentage points year-on-year, while the Q2 gross margin improved to 21.94%, up 4.67 percentage points year-on-year [2]. - The company’s net profit margin improved to 12.25%, up 0.84 percentage points year-on-year, with a Q2 net profit margin of 15.35%, up 8.64 percentage points year-on-year [3]. Business Segment Analysis - The company’s revenue from power engineering construction and smart electricity services was 556 million yuan and 193 million yuan, down 21.65% and 57.34% year-on-year, respectively [2]. - The smart electricity service segment has seen growth, with the addition of 479 substations and over 100 million kWh of managed electricity [2]. - The company is expanding its equipment business, with a new production base set to begin operations in 2024, which is expected to enhance revenue from this segment [2]. Future Projections - The company is projected to achieve net profits of 170 million yuan, 210 million yuan, and 270 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18.5, 15.0, and 12.0 [4].
苏文电能：行业竞争加剧业绩承压下滑，静待基本面改善