Tongli Tianqi(SH:605286) Huaxin Securities·2024-08-27 12:00Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company has demonstrated stable high growth in performance, with its power station business continuing to expand [3][4] - The elevator components business is currently under pressure, but there are opportunities for market expansion in various downstream sectors [3][4] Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved operating revenue of 1.326 billion yuan, a year-on-year increase of 28.81% - The net profit attributable to shareholders reached 123 million yuan, up 65.24% year-on-year - The net profit after deducting non-recurring gains and losses was 121 million yuan, reflecting a growth of 103.44% year-on-year - In Q2 2024, the company reported operating revenue of 839 million yuan, a quarter-on-quarter increase of 72.52%, and a net profit of 81 million yuan, up 97.07% quarter-on-quarter [4] Business Segments - The power station business, particularly through the subsidiary Tianqi Hongyuan, has shown significant growth, with revenue of 483 million yuan and net profit of 115 million yuan in H1 2024, surpassing the entire previous year's performance - The company has signed a share transfer agreement for a 100MW wind power project in Tianjin and commenced pile foundation construction and wind turbine installation for a 300MW wind power project in Chengde [4] - The elevator components business is facing challenges due to the ongoing downturn in the real estate market and fluctuations in raw material prices, but there is a notable demand for upgrading and replacing old elevators [4] Future Outlook - The company is expected to continue its robust growth in the renewable energy sector, with projected revenues of 3.19 billion yuan, 3.67 billion yuan, and 4.32 billion yuan for 2024, 2025, and 2026 respectively - Earnings per share (EPS) are forecasted to be 1.77 yuan, 2.10 yuan, and 2.48 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 11.7, 9.9, and 8.4 times [4][8]