Hopewind(SH:603063) Huajin Securities·2024-08-29 03:41Investment Rating - The investment rating for the company is maintained at "Buy-A" [1] Core Views - The company reported a revenue of 1.382 billion yuan for the first half of 2024, a year-on-year decrease of 10.34%, with a net profit attributable to shareholders of 155 million yuan, down 23.64% year-on-year [1] - The company's main business revenue declined, but there was a significant improvement in profits in Q2 2024, with a revenue of 833 million yuan, a year-on-year decrease of 10.54%, but a quarter-on-quarter increase of 51.88% [1] - The company is a leading manufacturer of high-power IGBT hydrogen production power supplies in China and has successfully expanded its overseas market, achieving overseas revenue of 96 million yuan in the first half of 2024, a year-on-year increase of 49.77% [2] - The company has a strong technical advantage in the wind-solar-storage collaborative development and is expected to benefit from the construction of a new power system dominated by renewable energy [1][2] Financial Data and Valuation - The company’s revenue for 2024 is projected to be 3.617 billion yuan, with a year-on-year decrease of 3.6%, followed by a significant increase of 36.6% in 2025 [3] - The net profit attributable to shareholders is expected to be 470 million yuan in 2024, with projections of 598 million yuan in 2025 and 679 million yuan in 2026 [3] - The company’s total market value is approximately 5.252 billion yuan, with a current price-to-earnings ratio (PE) of 11 for 2024, 9 for 2025, and 8 for 2026 [3][2]