DEC(600875) 中航证券·2024-09-09 13:30Investment Rating - The investment rating for the company is "Buy" [1][13] Core Views - The company's revenue for the first half of 2024 reached 33.457 billion yuan, an increase of 11.84% year-on-year, while the net profit attributable to shareholders decreased by 15.52% to 1.691 billion yuan [1] - The company has seen a steady increase in new orders, with effective new orders amounting to 56.073 billion yuan in the first half of 2024, a year-on-year increase of 14.77% [1] - The company is expected to benefit from the growing demand for coal-fired power and nuclear power, with a leading market share in the equipment sector [1] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported total revenue of 33.457 billion yuan, with a gross margin of 15.36% and a net margin of 5.49% [1] - The second quarter revenue was 18.404 billion yuan, showing a year-on-year increase of 21.09%, but the net profit decreased by 20.08% to 786 million yuan [1] - The company’s new effective orders in July 2024 reached 62.783 billion yuan, a year-on-year increase of 19.2% [1] Order Growth - The company’s new orders in the clean and efficient energy equipment sector amounted to 25.339 billion yuan, accounting for 45.19% of total new orders [1] - The hydropower sector saw significant order growth, with new effective orders reaching 4.69 billion yuan, a record high for the same period [1] - The company’s market share in the coal-fired power equipment sector is leading, with a market share of 38% in 2023 [1] Industry Outlook - The national electricity demand continues to rise, with a total electricity consumption of 4.66 trillion kWh in the first half of 2024, an increase of 8.1% year-on-year [1] - The company is expected to maintain a certain scale of demand for coal-fired power even after the completion of the "14th Five-Year" coal power installation targets [1] - The nuclear power sector is also expected to grow rapidly, with the company having a market share of 40% in nuclear power equipment [1]