WHEE(SH:600475) EBSCN·2024-09-02 08:42Investment Rating - The report maintains a "Buy" rating for the company, with a projected net profit of 789 million, 908 million, and 1,002 million yuan for 2024-2026 respectively, corresponding to a PE ratio of 10 times for 2024 [4]. Core Views - The company achieved a revenue of 5.758 billion yuan in H1 2024, a year-on-year increase of 15.30%, while the net profit attributable to the parent company was 397 million yuan, a decrease of 3.02% [1]. - The company continues to expand its thermal power operation scale and has successfully landed large-scale hydrogen production equipment and system orders [4]. - The equipment manufacturing business has shown signs of recovery, while the photovoltaic power station EPC business is facing temporary pressure [3]. Summary by Sections Revenue and Profitability - In Q2 2024, the company reported a revenue of 2.859 billion yuan, up 2.53% year-on-year, with a net profit of 211 million yuan, an increase of 11.71% [1]. - The overall revenue for H1 2024 was 5.758 billion yuan, with a 15.30% increase compared to the previous year [1]. Thermal Power Operations - As of H1 2024, the company’s controllable thermal power generation capacity reached nearly 1.3 GW, with centralized heating of 4.994 million tons, a year-on-year increase of 49.76% [2]. - The revenue from local thermal power and photovoltaic power generation operations grew by 55.06% to 2.746 billion yuan, although the gross margin decreased by 0.74 percentage points to 17.51% [2]. Equipment Manufacturing - The equipment manufacturing segment generated a revenue of 734 million yuan in H1 2024, a 36.05% increase year-on-year, but the gross margin fell by 12.34 percentage points to 11.46% [3]. - The company has a backlog of orders worth 1.75 billion yuan in boiler equipment, with 705 million yuan in environmental boiler equipment orders [3]. Hydrogen Production - The company completed the construction of a 500 MW hydrogen production equipment intelligent manufacturing base in H1 2024, enabling mass production of various alkaline electrolysis hydrogen production equipment [4]. - The company successfully secured part of the hydrogen production equipment and system orders for the world's largest green hydrogen and ammonia integrated project [4].