State Power Rixin Technology (SZ:301162) Minsheng Securities·2024-08-28 07:10Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 224 million yuan in the first half of 2024, representing an 18.67% year-on-year increase, while the net profit attributable to shareholders was 35 million yuan, up 4.69% year-on-year [2]. - The renewable energy installed capacity continues to grow, with the total renewable energy generation capacity in China reaching 1.653 billion kilowatts by the end of June 2024, a 25% increase year-on-year, accounting for 53.8% of the total power generation capacity [2]. - The company is actively expanding its traditional business while developing new growth points, including power forecasting services, smart control for renewable energy grid connection, and innovative product lines in energy management [2]. Summary by Sections Financial Performance - In the first half of 2024, the company's revenue was 224 million yuan, with a net profit of 35 million yuan and a non-recurring net profit of 28 million yuan, showing growth rates of 18.67%, 4.69%, and 12.23% respectively [2]. - The company expects net profits for 2024, 2025, and 2026 to be 114 million, 153 million, and 193 million yuan respectively, with corresponding PE ratios of 28X, 21X, and 17X [2][5]. Business Segments - The power forecasting service generated 132 million yuan in revenue, accounting for 59.02% of total revenue, with a year-on-year growth of 3.27% [2]. - The smart control for renewable energy grid connection achieved 53 million yuan in revenue, a 43.60% increase year-on-year, representing 23.86% of total revenue [2]. - The renewable energy management system generated 13 million yuan in revenue, with an 82.43% year-on-year growth, making up 5.82% of total revenue [2]. Market Outlook - The report highlights that the renewable energy market is expected to grow rapidly, with the installed capacity of wind and solar power projected to exceed that of coal power by the end of 2024 [2]. - The company is strategically investing in innovative areas such as energy trading and virtual power plants to meet emerging market demands [2].