海力风电：2024年半年报点评：24H1业绩承压，静待需求回暖修复盈利

Investment Rating - The report maintains a "Buy" rating for the company, considering the potential for recovery in domestic offshore wind demand and the company's capacity advantages [2][4]. Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue of 362 million yuan, down 65.16% year-on-year, and a net profit of 108 million yuan, down 20.22% year-on-year [1]. - The slowdown in domestic offshore wind construction is a primary factor affecting the company's performance, with only 0.83 GW of new grid-connected capacity added in the first half of 2024 [1]. - The company anticipates a recovery in demand and an acceleration in offshore wind construction in the second half of 2024, supported by a rich reserve of offshore wind projects and ongoing capacity expansion [1][2]. Financial Summary - For the first half of 2024, the company achieved a revenue of 362 million yuan, with a net profit of 108 million yuan, and a non-recurring net profit of 102 million yuan [1]. - The revenue from the company's pile foundation segment dropped by 84.30% year-on-year, while the wind tower segment saw a 23.05% decline [1]. - The company expects to achieve net profits of 302 million yuan, 668 million yuan, and 884 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.39, 3.07, and 4.07 yuan [2][3]. Market Position and Strategy - The company is strategically expanding its production bases along the coast, which will help reduce transportation costs and enhance product competitiveness [1]. - The company has several production bases under construction, including in Jiangsu and Hainan, which are expected to contribute to future growth [1]. - The report highlights the company's advantages in production capacity and port resources, which are expected to support a steady increase in market share for offshore wind products [2].