Q2 来风改善，陆风电量增速修复，海风业绩同比增长。二季度来风改善，公司实现风电发电量11.50 亿千瓦时，同比+19.87%；其中海风、陆风发电量分别同比增长21.90%、17.15%，电量增速较Q1 均有修复。上半年福能新能源、福能海峡分别实现净利润4.38、2.34 亿元，同比-10.47%、+30.43%，海风盈利增长较多。Q3 福建沿海地区台风频发，预计来风情况继续改善，公司新能源板块利润有望进一步增长。Funeng Co., Ltd. released its 2024 semi-annual report. 2024H1 achieved operating income of 6.665 billion yuan, +4.57% year over year; net profit to mother of 1.188 billion yuan, +27.12% year over year.
The company's revenue and performance grew steadily in the first half of the year. Funeng Co., Ltd. released its 2024 semi-annual report. 2024H1 achieved operating income of 6.665 billion yuan, +4.57% year over year; net profit to mother of 1.188 billion yuan, +27.12% year over year; of these, 2Q24 achieved operating income of 3.577 billion yuan, +8.33% year over year; and net profit to mother of 0.662 billion yuan, +64.51% year over year.
Thermal power performance is growing steadily, and capacity replacement guarantees gas and electricity profits. 2024H1 completed 10.608 billion kilowatt-hours of feed-in electricity, +2.82% year over year. Among them, thermal power feed-in capacity was 7.996 billion kilowatt-hours, +3.58% over the same period last year. The subsidiaries Hongshan Thermal Power and Longan Thermal Power achieved net profit of 0.273 billion yuan and 38.1292 million yuan respectively in the first half of the year, up 14.04% and 3.22% year on year. The increase in performance may benefit from the year-on-year decline in fuel costs. Funeng Guidian achieved net profit of 55.3702 million yuan, +134.15% year over year. The sharp increase in performance was mainly due to a year-on-year increase in other earnings. In March, the Jinjiang Gas and Electricity Declaration confirmed the 2024 gas and electricity base transfer contract. 2.158 billion kilowatt-hour electricity will be transferred monthly to other power generation companies in the province at a price of 0.3906 yuan/kilowatt-hour (tax included) from April to December. Benefiting from the early start of capacity replacement this year, Jinjiang Gas & Electric achieved net profit of -22.5406 million yuan in the first half of the year, a sharp reduction in losses over the previous year.
Q2 The incoming wind improved, the growth rate of onshore wind power was restored, and sea wind performance increased year-on-year. Wind improved in the second quarter, and the company achieved 1.15 billion kilowatt-hours of wind power generation, +19.87% year-on-year; among them, seabreeze and land wind power generation increased 21.90% and 17.15% year on year, respectively, and the electricity growth rate was fixed compared to Q1. Funeng New Energy and Funeng Strait achieved net profit of 0.438 and 0.234 billion yuan respectively in the first half of the year, -10.47% and +30.43% over the same period. Haifeng's profit increased significantly. Q3 There are frequent typhoons along the coast of Fujian. The incoming wind conditions are expected to continue to improve, and the company's profit in the new energy sector is expected to increase further.
On the expense and profit side, the company's gross margin for the first half of the year was 23.42%, +4.38pct year on year; net margin was 21.72%, +4.13pct year on year, with a significant increase in profitability. Sales/management/R&D/finance rates were 0.18%/2.09%/0.97%/4.02%, respectively, +0.03pct/-0.03pct/+0.09pct/-0.77pct year-on-year.
Profit forecasting and valuation. Recently, the 656 MW seabreeze project in Changle Waihai District J, belonging to Funeng Haiyun, a holding subsidiary of the company, was approved. It is expected that in the future, the company will work with Three Gorges Energy to obtain more sea wind indicators, and there is plenty of room for sea wind growth; cogeneration units have excellent performance and stable efficiency, and gas and electricity alternatives further guarantee profits. In '24, the company is expected to achieve a further decline in coal combustion costs by increasing its share of annual long-term cooperation, and participation in wind power production will also contribute to increased performance. Maintain the company's 2024-2026 net profit forecast of 2.79, 3.149, and 3.908 billion yuan, with year-on-year increases of 6.3%, 12.9%, and 24.1%; the PE corresponding to the current stock price is 9.0x, 8.0x, and 6.4x, respectively, maintaining the “increase” rating.
Risk warning: the risk of rising fuel prices, the risk of fluctuations in feed-in tariffs, falling short of expectations in scenic resources, and falling short of expectations in the acquisition and commencement of the Seabreeze project.
