三一重能：2024年半年报点评：盈利能力持续领先，双海战略稳步推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company continues to lead in profitability while steadily advancing its dual-sea strategy [6] - In the first half of 2024, the company achieved operating revenue of 5.28 billion yuan, a year-on-year increase of 34.88%, but the net profit attributable to shareholders decreased by 46.92% to 434 million yuan [11] - The company has made significant progress in offshore wind turbine sales, achieving a record 3.3 GW in external sales, a year-on-year increase of 121% [11] - The company is expanding its global footprint, with successful bids in multiple markets including India, Southeast Asia, and the Middle East [11] - The company is expected to achieve breakthroughs in offshore wind turbine orders due to its strong R&D capabilities [11] Financial Performance - The company’s financial performance for 2024-2026 is projected as follows: - Operating revenue: 16.78 billion yuan in 2024, 21 billion yuan in 2025, and 27 billion yuan in 2026, with year-on-year growth rates of 12.32%, 25.15%, and 29.52% respectively [12] - Net profit attributable to shareholders: 2.15 billion yuan in 2024, 2.54 billion yuan in 2025, and 3.01 billion yuan in 2026, with growth rates of 7.07%, 18.26%, and 18.33% respectively [12] - Earnings per share (EPS): 1.75 yuan in 2024, 2.07 yuan in 2025, and 2.45 yuan in 2026 [12] - The company maintains a strong gross margin of 16.01% in the first half of 2024, with the wind turbine business gross margin at 15.13% [11] Market Position and Strategy - The company is a leader in the wind power equipment industry, with a focus on enhancing its market share through its dual-sea strategy [6][11] - The company has established subsidiaries in Brazil, UAE, and the Philippines, and is expanding its production capacity in India [11] - The company is actively developing offshore wind turbine technology, with certification processes underway for its products [11]