WHEE(SH:600475) GOLDEN SUN SECURITIES·2024-09-04 00:12Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's revenue for the first half of 2024 reached 5.758 billion yuan, a year-on-year increase of 15.30%, while the net profit attributable to shareholders decreased by 3.02% to 397 million yuan [1][2]. - The growth in revenue is primarily driven by the significant increase in thermal power operations, with thermal and photovoltaic power operation services generating 2.746 billion yuan, up 55.06% year-on-year [2]. - The company has secured a major order for hydrogen production equipment, indicating a strong focus on technology development and potential for future growth in the hydrogen sector [2][3]. Financial Performance - The company achieved a basic earnings per share (EPS) of 0.4218 yuan, a decrease of 3.17% year-on-year [1]. - The revenue forecast for 2024-2026 is projected to be 11.93 billion, 13.57 billion, and 15.49 billion yuan, respectively, with year-on-year growth rates of 13.5%, 13.8%, and 14.1% [3][4]. - The net profit attributable to shareholders is expected to be 781 million, 962 million, and 1.086 billion yuan for the same period, with corresponding EPS of 0.83, 1.02, and 1.15 yuan per share [3][4]. Business Segments - The thermal power segment has shown robust growth, with total heat sales reaching 4.9938 million tons, a 49.76% increase year-on-year [2]. - The equipment manufacturing business also saw a revenue increase of 36.05% to 734 million yuan, driven by sales of environmental boilers [2]. - However, the power station engineering and service segment experienced a decline in revenue by 47.90% due to fluctuations in upstream photovoltaic component prices and increased competition [2]. Market Outlook - The company is actively expanding its overseas market presence, having signed contracts for environmental modernization projects in Kazakhstan and Turkey [3]. - The report highlights the potential for growth in the hydrogen production market, with expectations for domestic demand for electrolysis equipment to exceed 2GW by 2025 [2][3].