Tianfeng Securities·2024-09-05 05:43Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price not specified [1]. Core Views - The company's performance has been impacted by poor wind resources, leading to a decrease in revenue and net profit. The company reported a revenue of 18.883 billion yuan, a year-on-year decline of 4.9%, and a net profit attributable to shareholders of 4.02 billion yuan, down 21.6% year-on-year [1]. - The company has a rich project reserve, but the decline in wind resources has resulted in a decrease in wind power generation. The company added a total installed capacity of 2,286.73 MW in the first half of the year, including 595.00 MW from wind power and 1,691.73 MW from photovoltaic [1]. - The company signed new development agreements totaling 7.59 GW, with wind power accounting for 3.955 GW and photovoltaic for 3.635 GW, both located in areas with better resources. The development indicators obtained increased by 51.87% year-on-year [1]. - Wind power generation decreased by 4.60% year-on-year to 31.585 billion kWh, primarily due to a decline in wind resource levels, with average wind speed down by 0.25 m/s, leading to a reduction in average utilization hours by 101 hours year-on-year. In contrast, photovoltaic generation increased by 122.87% year-on-year to 3.589 billion kWh [1]. - The wind power segment faced pressure, while the photovoltaic segment saw a significant profit increase of 42%. The wind power revenue was 13.781 billion yuan, down 9.4% year-on-year, and the operating profit for this segment was 6.759 billion yuan, down 18.9% year-on-year. The photovoltaic segment achieved an operating profit of 339 million yuan, up 41.8% year-on-year [1]. - The company is expected to expand its new energy installed capacity due to the injection of assets from the parent group, with an estimated new energy installed scale of about 4 million kW planned for gradual injection [1]. - The profit forecast has been adjusted downward due to the new installed capacity and weaker wind and solar resources, with expected net profits for 2024-2026 at 6.7 billion, 7.5 billion, and 8.3 billion yuan respectively, corresponding to a PE of 8, 7, and 6 times [1].