湘电股份：2024H1实现营业收入24.32亿元，同比+1.11%

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company reported a revenue of 2.432 billion yuan for H1 2024, representing a year-on-year increase of 1.11%. However, the net profit attributable to shareholders decreased by 13.30% to 167 million yuan [2][3]. - The gross margin for H1 2024 was 19.14%, a slight decrease of 0.08 percentage points year-on-year, while the net profit margin increased by 1.16 percentage points to 6.87% [2]. - The company has seen significant growth in demand for energy-saving products across various sectors, with a 31.90% increase in prepaid accounts, indicating strong market demand [2][3]. - The company is focusing on the development of new energy-saving products and has made breakthroughs in various fields, including the marine comprehensive power system and special launch systems [2][3]. Financial Summary - For H1 2024, the company achieved a revenue of 2.432 billion yuan, with a net profit of 167 million yuan, and a non-recurring net profit of 148 million yuan [2]. - The company expects net profits for 2024, 2025, and 2026 to be 355 million yuan, 507 million yuan, and 704 million yuan respectively, with corresponding P/E ratios of 37X, 26X, and 18X [3][4]. - The company’s total assets for 2023 were reported at 14.436 billion yuan, with total liabilities of 7.235 billion yuan [5][6]. Business Development - The company is enhancing its marketing management and accelerating new product development, with significant orders in the overseas market for electric motors [2][3]. - The company is also focusing on technological innovation in core systems and special vehicle drive technologies, aiming to cultivate new production capabilities and create new growth drivers [2][3]. - The company has successfully launched a 1 MW flywheel energy storage device and is promoting low-temperature waste heat systems across various industries [2][3].