MYSE(SH:601615) Ping An Securities·2024-09-02 14:07Investment Rating - The report maintains a "Recommendation" rating for the company [2] Core Views - The company achieved a revenue of 11.796 billion yuan in the first half of 2024, representing a year-on-year increase of 10.85%, while the net profit attributable to shareholders was 661 million yuan, up 0.94% year-on-year [4] - The company has made significant progress in new product development and overseas expansion, with a notable increase in wind turbine sales and orders [5] - The company is accelerating the pace of power station transfers, with operational revenue from power stations reaching 975 million yuan, a year-on-year increase of 17.03% [7] Financial Performance - In Q2 2024, the company reported a revenue of 6.721 billion yuan, a decrease of 14.84% year-on-year, and a net profit of 356 million yuan, down 59.57% year-on-year [4] - Wind turbine sales reached 4.01 GW, a year-on-year increase of 16.09%, with new orders totaling 9.73 GW, up 28.36% year-on-year [5] - The company’s gross margin for wind turbine sales was 7.69%, a decrease of 6.56 percentage points year-on-year, primarily due to falling wind turbine prices [5] Business Development - The company has launched several large-scale wind turbine products, including the MySE18.X-20MW offshore wind turbine, which is the largest single-unit capacity offshore wind turbine globally [5] - The company has established a significant presence in the European offshore wind market, signing a memorandum of understanding with the Italian government and becoming the preferred supplier for a German offshore wind project [5] - The company’s operational capacity for renewable energy stations reached 2.71 GW, an increase of approximately 0.15 GW since the beginning of the year [7] Future Outlook - The company expects to see a significant increase in revenue and profit contributions from power station transfers in the second half of 2024 [7] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 2.282 billion, 3.440 billion, and 4.607 billion yuan, respectively [7]