CTGR(600905) Guoxin Securities·2024-09-01 08:01Investment Rating - The investment rating for the company is "Outperform the Market" [2][5][22] Core Views - The company's operating revenue increased by 9.89% year-on-year to 15.059 billion yuan in the first half of 2024, while the net profit attributable to shareholders decreased by 10.58% to 4.039 billion yuan [1][6] - The decline in net profit is attributed to several factors, including an increase in grid-connected power at parity prices, changes in the structure of grid-connected power, and a decrease in overall electricity prices [1][6] - The company has a significant amount of projects under construction, with a total planned installed capacity of 23.477 million kilowatts, which is expected to drive steady growth in performance [1][18] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved an operating revenue of 15.059 billion yuan, a year-on-year increase of 9.89%, while the net profit attributable to shareholders was 4.039 billion yuan, a decrease of 10.58% [1][6] - The second quarter of 2024 saw an operating revenue of 7.160 billion yuan, up 4.51% year-on-year, but the net profit attributable to shareholders fell by 22.91% to 1.617 billion yuan [1][6] - The company's gross profit margin decreased to 55.68%, down 3.14 percentage points year-on-year, primarily due to the impact of declining electricity prices [12] Installed Capacity and Projects - The company added 1.3264 million kilowatts of new grid-connected capacity in the first half of 2024, including 208,000 kilowatts from wind power and 758,400 kilowatts from solar power [1][18] - As of June 2024, the total installed capacity reached 41.3708 million kilowatts, with wind power accounting for 19.6246 million kilowatts and solar power for 20.5826 million kilowatts [1][18] - The company has a substantial pipeline of projects under construction, with a total planned capacity of 23.477 million kilowatts, which includes 5.5114 million kilowatts of wind power and 13.3456 million kilowatts of solar power [1][18] Market and Policy Environment - National policies are expected to improve the consumption of renewable energy, with measures aimed at enhancing the power system's capacity to absorb renewable energy [17][18] - The increasing market-oriented proportion of renewable energy is anticipated to stabilize the profitability of the renewable energy sector [17][18] Profit Forecast - Due to the impact of declining electricity prices, the profit forecast for the company has been adjusted, with expected net profits of 8.1 billion yuan, 9.2 billion yuan, and 10 billion yuan for 2024, 2025, and 2026 respectively [2][18]