MYSE(SH:601615) Minsheng Securities·2024-09-03 04:30Investment Rating - The report maintains a "Recommended" rating for the company [4][5]. Core Insights - The company achieved a revenue of 11.796 billion yuan in H1 2024, representing a year-on-year increase of 10.85%. The net profit attributable to shareholders was 661 million yuan, up 0.94% year-on-year [2]. - In Q2 2024, the company reported a revenue of 6.721 billion yuan, a decrease of 14.84% year-on-year but an increase of 32.42% quarter-on-quarter. The net profit for the same quarter was 356 million yuan, down 59.57% year-on-year but up 17.19% quarter-on-quarter [2]. - The company has a strong order backlog, with new wind turbine orders of 9.73 GW in H1 2024, a year-on-year increase of 28.4% [3]. Financial Performance - The company’s revenue is projected to be 31.188 billion yuan in 2024, with a growth rate of 11.9%. The net profit attributable to shareholders is expected to reach 2.288 billion yuan, reflecting a significant growth rate of 514.4% [5][9]. - The company’s gross profit margin for Q2 2024 was 17.28%, a decrease of 3.34 percentage points from the previous quarter [2]. Business Segments - Wind turbine and accessory sales generated 7.922 billion yuan in revenue in H1 2024, a decline of 16.2% year-on-year. However, the sales volume of wind turbines reached 4.01 GW, an increase of 16.2% [3]. - The power station operation segment reported revenue of 975 million yuan in H1 2024, a year-on-year increase of 17.0% [3]. Diversification Strategy - The company is advancing its diversified layout in wind, solar, and hydrogen energy. It has received approvals for the first public REITs for onshore wind power and the first public REITs for private enterprises in wind power during the reporting period [4].