Investment Rating - The report maintains a "Recommend" rating for Mingyang Electric (301291 SZ) [3][5] Core Views - Mingyang Electric achieved significant growth in H1 2024 with revenue of 2 473 billion yuan up 29 94% YoY and net profit attributable to parent company of 246 million yuan up 52 36% YoY [2] - The company's growth is driven by its steady business development strategy and the release of new high-quality production capacity [3] - Profitability improved with gross margin and net margin increasing to 23 26% and 9 96% respectively in H1 2024 [2] Financial Performance Revenue and Profit - Q2 2024 revenue reached 1 438 billion yuan up 20 25% YoY and 39 07% QoQ [2] - Net profit attributable to parent company in Q2 2024 was 157 million yuan up 32 96% YoY and 74 44% QoQ [2] - Forecasted revenue for 2024-2026 is 6 548 billion 8 300 billion and 9 849 billion yuan respectively [4][6] Profitability - Gross margin and net margin in Q2 2024 were 23 40% and 10 88% respectively [2] - Forecasted net profit for 2024-2026 is 630 million 844 million and 1 048 billion yuan respectively [4][6] Cash Flow - Operating cash flow in H1 2024 was -450 million yuan mainly due to increased bill payments and raw material inventory [2] - Forecasted operating cash flow for 2024-2026 is 41 million 699 million and 1 088 billion yuan respectively [8] Business Segments Product Breakdown - Box-type substation revenue in H1 2024 was 1 607 billion yuan accounting for 65% of total revenue [2] - Transformer product revenue surged 110 21% YoY to 474 million yuan in H1 2024 [2] Industry Breakdown - Photovoltaic industry revenue in H1 2024 was 1 097 billion yuan up 32% YoY and accounting for 42% of total revenue [2] - Energy storage industry revenue grew 62% YoY to 332 million yuan in H1 2024 [2] Valuation - The company's PE ratio for 2024-2026 is forecasted at 13X 10X and 8X respectively [3][4] - PB ratio for 2024-2026 is expected to be 1 8X 1 6X and 1 4X respectively [4][7] Growth Projections - Revenue growth rate for 2024-2026 is forecasted at 32% 27% and 19% respectively [3][4] - Net profit growth rate for 2024-2026 is expected to be 27% 34% and 24% respectively [3][4]
明阳电气：2024年半年报点评：稳扎稳打，持续增长