Sinoma Science & Technology (002080) 浙商证券·2024-08-28 00:03Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Insights - The company's revenue and profit are under pressure, with a significant decline in net profit by 66.60% year-on-year in H1 2024, amounting to 4.65 billion yuan [2]. - The sales volume of wind turbine blades decreased by 21.6% year-on-year, while the sales revenue from these blades fell by 34.13% [3]. - The company has seen a rapid growth in glass fiber products, with sales volume increasing by 7.2% year-on-year [4]. - The sales of lithium battery separators grew by 15.1% year-on-year, although revenue from these products declined by 24.4% due to price drops [5]. - The company is expected to benefit from the anticipated rapid growth in the global wind power market, despite a downward revision of profit forecasts for 2024-2026 [5]. Summary by Sections Revenue and Profitability - In H1 2024, the company achieved revenue of 10.54 billion yuan, a decrease of 14.86% year-on-year, and a net profit of 4.65 billion yuan, down 66.60% year-on-year [2]. - The gross margin for the period was 17.67%, reflecting a decline of 6.24 percentage points year-on-year [2]. Wind Power Blades - The company sold a total of 7.52 GW of wind power blades in H1 2024, which is a 21.6% decrease year-on-year, generating sales revenue of 2.83 billion yuan [3]. - The gross margin for wind power blades was 15.54%, down 1.65 percentage points year-on-year [3]. Glass Fiber Products - The annual production capacity for glass fiber reached 1.4 million tons, with a total output of 647,000 tons and sales volume of 681,000 tons, marking a 7.2% increase year-on-year [4]. - The sales revenue from glass fiber products was 3.85 billion yuan, with exports accounting for 24% of total sales [4]. Lithium Battery Separators - The company sold 810 million square meters of lithium battery separators, achieving a 15.1% year-on-year growth, although sales revenue fell to 760 million yuan, a 24.4% decline [5]. - The unit cost of production decreased by 3.4% year-on-year, indicating improved cost efficiency [5]. Profit Forecast and Valuation - The profit forecast for 2024-2026 has been revised downwards, with expected net profits of 1.36 billion, 1.65 billion, and 2.08 billion yuan respectively [5]. - The corresponding earnings per share (EPS) are projected to be 0.81, 0.98, and 1.24 yuan, with price-to-earnings (P/E) ratios of 12, 10, and 8 times [5].