MYSE(601615) 长江证券·2024-09-11 02:13Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company reported a significant increase in contract liabilities, indicating a strong order backlog that is expected to drive delivery growth in the future [6][7]. - The company achieved approximately 11% year-on-year growth in revenue for the first half of 2024, reaching about 11.8 billion yuan, while net profit attributable to shareholders increased by 0.9% to approximately 660 million yuan [5][6]. - The company is actively expanding its domestic and international wind power orders, with new wind power orders of 9.73 GW in the first half of 2024, laying a foundation for future mass deliveries [7]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of approximately 11.8 billion yuan, a year-on-year increase of 11%. However, Q2 revenue was approximately 6.72 billion yuan, a decline of 15% year-on-year, primarily due to wind turbine price factors [5][6]. - The gross profit margin for H1 2024 was 19%, an increase of about 0.4 percentage points year-on-year, while the net profit margin was approximately 6%, showing a year-on-year decline [6]. - The company’s capital expenditure at the end of H1 2024 was about 3.1 billion yuan, indicating active wind farm construction [6]. Business Segments - Wind turbine and accessories sales reached 4.01 GW in H1 2024, a 16% increase year-on-year, generating revenue of about 7.9 billion yuan, although this was a decline due to pricing factors [6]. - The power generation business operated approximately 2.7 GW of installed capacity, generating about 2.735 billion kWh and revenue of approximately 975 million yuan, a 17% increase year-on-year [6]. - The wind farm construction business saw revenue of approximately 310 million yuan in H1 2024, a significant increase of 174% year-on-year [6]. Future Outlook - The domestic offshore wind installation is expected to grow year-on-year in 2024, with overseas offshore wind markets gradually recovering, potentially leading to explosive growth in installations in 2025 and 2026 [7]. - The company is projected to achieve a net profit of approximately 2.3 billion yuan in 2024, corresponding to a price-to-earnings ratio of about 8 times [7].