Jiangsu Haili Wind Power Equipment Technology (301155) Guolian Securities·2024-09-04 01:38Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant decline in revenue and profit for the first half of 2024, with operating income of 362 million yuan, down 65.16% year-on-year, and a net profit attributable to shareholders of 108 million yuan, down 20.22% year-on-year [2][6] - The company is expected to benefit from a recovery in demand as the offshore wind construction season approaches, despite current performance pressures [6] Financial Performance Summary - For H1 2024, the company achieved: - Operating income: 362 million yuan, down 65.16% year-on-year - Net profit attributable to shareholders: 108 million yuan, down 20.22% year-on-year - Non-recurring net profit: 102 million yuan, down 13.75% year-on-year - Credit impairment reversal: 104 million yuan [2][6] - In Q2 2024, the company reported: - Operating income: 238 million yuan, down 55.77% year-on-year, but up 91.30% quarter-on-quarter - Net profit attributable to shareholders: 34 million yuan, down 35.68% year-on-year, down 53.87% quarter-on-quarter [6] Revenue and Profit Forecast - The revenue forecast for 2024-2026 is as follows: - 2024: 1.84 billion yuan, up 9.2% year-on-year - 2025: 6.52 billion yuan, up 254.4% year-on-year - 2026: 8.94 billion yuan, up 37.1% year-on-year - The net profit forecast for the same period is: - 2024: 310 million yuan, up 454.3% year-on-year - 2025: 660 million yuan, up 111.1% year-on-year - 2026: 870 million yuan, up 31.3% year-on-year [6][7] Market Position and Outlook - The company is positioned as a leading player in the domestic offshore wind foundation sector and is expected to benefit from the anticipated recovery in industry demand [6][7]