CTGR(600905) Great Wall Securities·2024-10-09 05:40Investment Rating - The report maintains a rating of "Accumulate" for the company [1][7]. Core Views - The company has shown steady revenue growth, with a projected increase in revenue from 26.49 billion yuan in 2023 to 31.68 billion yuan in 2024, reflecting a year-on-year growth rate of 19.6% [1][3]. - Despite the revenue growth, the company's net profit has seen a decline, with a projected net profit of 8.22 billion yuan in 2024, which is a 14.5% increase from 2023 but lower than the revenue growth rate [1][3]. - The company has a strong project reserve, with a total planned installed capacity of 23.48 million kilowatts under construction, indicating significant long-term growth potential [2][3]. Financial Summary - In the first half of 2024, the company achieved a revenue of 15.06 billion yuan, a year-on-year increase of 9.89%, while the net profit was 4.04 billion yuan, a decrease of 10.58% [2]. - The total power generation in the first half of 2024 was 36.12 billion kWh, representing a year-on-year increase of 28.58%, with significant contributions from solar power generation [2]. - The company's gross profit margin for the first half of 2024 was 55.68%, while the net profit margin was 32.08%, indicating a decline in profitability [2][3]. Project and Capacity Development - The company has a market share of 23.47% in newly added offshore wind power capacity, with a total of 1.32 million kilowatts of new installed capacity in the first half of 2024 [2]. - The company has secured 1.44 million kilowatts of new approved/registered project capacity in the first half of 2024, showcasing its robust project pipeline [2][3]. - The planned installed capacity for projects under construction includes 5.51 million kilowatts for wind power and 13.35 million kilowatts for solar power [2].