亨通光电：Q2业绩持续高增，海洋业务高景气可期

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company reported a significant revenue increase of 14.8% year-on-year for the first half of 2024, reaching 26.614 billion yuan, with a net profit growth of 28.8% to 1.609 billion yuan [5][6]. - The second quarter of 2024 showed impressive performance, with a revenue increase of 20.5% year-on-year and a net profit increase of 28.3% year-on-year [6]. - The company is benefiting from the ongoing development in the fields of ultra-high voltage construction, digitalization of power grids, and marine communication industries, which are expected to continue driving growth [6]. Summary by Sections Financial Performance - In the first half of 2024, the company's gross margin was 16.5%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin improved by 1.1 percentage points to 6.5% [6]. - The company effectively managed its expenses, with a reduction in sales, management, and R&D expense ratios compared to the previous year [6]. Business Outlook - The company has a robust order backlog, with approximately 21 billion yuan in hand orders in the energy interconnection sector and about 5.5 billion yuan in marine communication [6]. - The company has secured multiple contracts for offshore wind power projects both domestically and internationally, indicating a strong market position [6]. Profit Forecast and Investment Recommendations - The report projects net profits for 2024 to be 2.821 billion yuan, with expected growth rates of 31%, 18%, and 16% for the years 2024 to 2026 [7]. - The company is expected to benefit from the global demand for offshore wind and submarine cable projects, reinforcing its competitive edge in the market [7].