MYSE(601615) 国金证券·2024-08-31 13:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][8]. Core Views - The company reported a revenue of 11.8 billion RMB for the first half of 2024, a year-on-year increase of 11.7%, with a net profit attributable to shareholders of 661 million RMB, up 1.0% year-on-year [2]. - The sales volume of wind turbines increased by 16.2% year-on-year to 4.01 GW, but the sales revenue decreased by 16.2% due to a 27.9% drop in average selling price [2]. - The company’s gross margin improved significantly on a quarter-on-quarter basis, reaching 18.7%, benefiting from ongoing cost optimization and changes in revenue and product structure [2]. - The operational capacity of wind farms increased by 62.3% year-on-year to 2.71 GW, contributing to stable profits [2]. - The company signed two wind farm transfer contracts worth approximately 1.52 billion RMB, expected to enhance profitability in the second half of the year [2]. - The company is well-positioned to benefit from the acceleration of offshore wind installations as the "14th Five-Year Plan" period approaches its end, with significant demand expected to be released in the second half of this year and next year [2]. Summary by Sections Financial Performance - The company achieved a revenue of 11.8 billion RMB in H1 2024, with a net profit of 661 million RMB [2]. - Q2 revenue was 6.72 billion RMB, down 14.3% year-on-year, with a net profit of 356 million RMB, down 59.5% year-on-year [2]. - The overall gross margin for H1 2024 was 18.7%, showing a year-on-year stability and a quarter-on-quarter increase of 11.9 percentage points [2]. Operational Insights - Wind turbine sales volume increased to 4.01 GW, while the average selling price decreased to 1976 RMB/kW [2]. - The operational capacity of wind farms reached 2.71 GW, with operational revenue of 975 million RMB, a year-on-year increase of 17.1% [2]. - The company’s business model of "rolling development" for wind farms is contributing to stable profits [2]. Future Outlook - The company expects to benefit from the high certainty of offshore wind installations in the later stages of the "14th Five-Year Plan" [2]. - The company has a comprehensive product layout covering 3-16 MW power segments and is continuously developing larger offshore wind turbine models [2]. - Profit forecasts for 2024-2026 have been adjusted to 2.3 billion, 2.94 billion, and 3.47 billion RMB, respectively, with corresponding P/E ratios of 9, 7, and 6 [2].