Jiangsu Haili Wind Power Equipment Technology (SZ:301155)2024-09-04 00:41Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 362 million yuan, down 65.16% year-on-year, and net profit at 108 million yuan, down 20.22% year-on-year [5] - The low operational rate of offshore wind projects has led to short-term pressure on performance, with a total of 830 MW of new offshore wind capacity added in the first half of 2024, resulting in lower shipment volumes and increased depreciation costs [5][4] - The company has a strong order backlog exceeding 5.3 billion yuan, and with the acceleration of offshore wind project construction, the order volume is expected to continue increasing [5][4] Financial Data and Profit Forecast - The company’s total revenue for 2023 is projected at 1.685 billion yuan, with a forecast of 1.771 billion yuan for 2024, and significant growth expected in subsequent years, reaching 8.8 billion yuan by 2026 [6][9] - The net profit forecast for 2024-2026 is adjusted to 327 million yuan, 725 million yuan, and 1.109 billion yuan respectively, with corresponding PE ratios of 26, 12, and 8 [5][6] - The gross margin is expected to improve from 1.9% in 2024 to 17.2% by 2026, indicating a recovery in profitability [6][9]