GOLDWIND(002202) 中银证券·2024-08-29 07:49Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a year-on-year revenue growth of 10.83% in the first half of 2024, with total revenue reaching RMB 20.20 billion and net profit attributable to shareholders at RMB 1.39 billion, reflecting a 10.83% increase [3][5]. - The company's gross margin improved by 0.98 percentage points to 18.25%, while the net profit margin increased by 0.03 percentage points to 7.11% [3][5]. - The internationalization strategy is accelerating, with overseas sales revenue growing by 83.88% to RMB 4.78 billion, accounting for 23.65% of total revenue [3][5]. Financial Performance Summary - In H1 2024, the company achieved a revenue of RMB 20.20 billion, a 6.32% increase from the previous year, and a net profit of RMB 1.39 billion, up 10.83% [3][5]. - The company’s sales of wind turbines and components generated RMB 12.77 billion in revenue, with a gross margin of 3.75%, an increase of 6.29 percentage points [3][5]. - The company’s overseas order volume reached 5,173.12 MW, a year-on-year increase of 12.44% [3][5]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to RMB 0.47, 0.62, and 0.74 respectively, with corresponding price-to-earnings ratios of 17.8, 13.6, and 11.3 [3][4]. - The company’s projected revenue for 2024 is RMB 62.30 billion, with a growth rate of 23.5% [4][6]. Market Position - The company is positioned to benefit from the increasing demand for wind energy and the ongoing trend of larger wind turbine models, with sales capacity for turbines of 6MW and above rising by 97.05% [3][5]. - The total market capitalization of the company is approximately RMB 35.58 billion [1]. Shareholder Information - The major shareholder is Hong Kong Central Clearing Limited, holding 18.28% of the shares [2]. - The total number of shares issued is 4,225.07 million, with 4,167.80 million shares in circulation [2].