Investment Rating - The report maintains an "Accumulate" rating for Suwen Electric Power (300982.SZ) [1] Core Views - The company is experiencing short-term pressure on performance due to a decrease in orders and delayed project timelines, while it awaits a recovery in demand [1][2] - For the first half of 2024, the company reported a revenue of 810 million yuan, a year-on-year decline of 33.61%, and a net profit attributable to shareholders of 100 million yuan, down 27.86% year-on-year [2] - The company is actively expanding its business outside the province, with a notable increase in the proportion of revenue from these operations [2][3] Financial Performance Summary - In H1 2024, the company achieved a revenue of 810 million yuan, down 33.61% year-on-year, and a net profit of 100 million yuan, down 27.86% year-on-year [2] - The second quarter alone saw a revenue of 313 million yuan, a decline of 51.04% year-on-year and 37.03% quarter-on-quarter, while net profit was 48 million yuan, up 14.50% year-on-year but down 6.10% quarter-on-quarter [2] - The company's gross margin for H1 2024 was 19.13%, a decrease of 3.69 percentage points year-on-year, attributed to a lower gross margin from expanding provincial operations [2][3] Business Segment Analysis - Revenue from power engineering construction and smart electricity services was 556 million yuan, up 21.65% year-on-year, while revenue from power equipment supply was 193 million yuan, down 57.34% year-on-year [2] - The gross margins for these segments were 16.9% and 16.78%, respectively, reflecting continued pressure on margins [2] - The company’s revenue from provincial and non-provincial operations was 530 million yuan and 280 million yuan, down 37.56% and 24.6% year-on-year, respectively [2] Future Outlook - The report adjusts the profit forecast for 2024-2026, expecting sales revenue to reach 2.799 billion yuan in 2024, with a year-on-year growth of 3.9%, and net profit to be 213 million yuan, reflecting a significant increase of 171.6% [3][4] - The company is focusing on expanding its EPCOS, photovoltaic, and energy storage layouts, as well as actively developing virtual power plant businesses [3]
苏文电能：工期延后+订单减少业绩短期承压，静待需求恢复