ZMNY(SH:600163) Great Wall Securities·2024-09-06 11:39Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company's performance has shown recovery in the first half of 2024, driven by an increase in electricity generation in Fujian Province, with a year-on-year growth of 23.79% in Q2 [1] - The company achieved operating revenue of 818 million yuan in H1 2024, a decrease of 1.59% year-on-year, while net profit attributable to the parent company was 342 million yuan, an increase of 4.80% year-on-year [1] - The report highlights the positive outlook for offshore wind power projects in Fujian, with the company expected to benefit from the long-term growth in this sector [1][2] Financial Summary - The company's operating revenue is projected to be 1,778 million yuan in 2024, with a growth rate of 2.7% year-on-year, and net profit is expected to reach 782 million yuan, reflecting a growth rate of 15.3% [1][5] - Key financial metrics include an EPS of 0.41 yuan for 2024, with a P/E ratio of 11.2 times [1][5] - The company's total assets are expected to increase to 12,066 million yuan by 2024, with a debt-to-equity ratio of 40.6% [4][5] Operational Insights - The company has a total installed capacity of 957,300 kW, with onshore wind power capacity at 613,000 kW and offshore wind power capacity at 296,000 kW as of June 30, 2024 [1] - The report notes that the company has been awarded contracts for new offshore wind projects, indicating a strong pipeline for future growth [1][2] Market Position - The company is positioned as a key player in the renewable energy sector in Fujian, with expectations of continued revenue growth from offshore wind resources [1][2] - The report emphasizes the company's strategic advantage as the only publicly listed energy platform in the province, which is likely to enhance its market competitiveness [1]