24Q2 业绩亮眼，营收与盈利实现双高增：单季度来看，公司24Q2 实现营收148.29 亿元，同比增长20.5%，环比增长25.8%；归母净利润为10.96 亿元，同比增长28.3%，环比增长113.7%；扣非净利润为11.04 亿元，同比增长30.9%，环比增长168.3%。24H1，在“新基建”“碳达峰、碳中和”等背景下，特高压建设、电网数字化智能化升级、新能源基础建设以及海洋通信产业稳步发展；公司积极把握市场机遇，带动公司特高压及电网智能化、工业与新能源智能、海洋通信等相关业务增长较快，市场综合竞争力进一步提升。Description of the event
Recently, the company announced its 2024 semi-annual report. 24H1 achieved revenue of 26.614 billion yuan, an increase of 14.8% year on year; net profit to mother was 1.609 billion yuan, up 28.8% year on year; after deducting non-net profit, it was 1.515 billion yuan, up 25.8% year on year.
Incident comments
24Q2's performance was impressive, and both revenue and profit increased: in a single quarter, the company achieved revenue of 14.829 billion yuan, up 20.5% year on year and 25.8% month on month; net profit to mother was 1.096 billion yuan, up 28.3% year on year, up 113.7% month on month; after deducting non-net profit, it was 1.104 billion yuan, up 30.9% year on year, up 168.3% month on month. 24H1, in the context of “new infrastructure”, “carbon peak, carbon neutrality”, etc., UHV construction, digital intelligent upgrading of power grids, new energy infrastructure, and marine communications industries are developing steadily; the company actively grasps market opportunities, driving the company's UHV and power grid intelligence, industrial and new energy intelligence, marine communications and other related businesses to grow rapidly, and the overall competitiveness of the market is further enhanced.
Profitability has been further boosted, and cost-side controls have been effective: 24H1's gross margin was 16.5%, down 0.3 pct year on year, net margin was 6.5%, up 1.1 pct year on year. In terms of period expenses, the sales/management/R&D/finance expenses rates for the 24Q2 single quarter were 2.5%/2.6%/4.5%/-0.1%, respectively, -0.2pct/-0.2pct/-0.9pct/0.8pct. With the exception of financial expenses, which grew due to exchange rate fluctuations, cost control has been effective in all other periods.
The marine sector has plenty of orders in hand at home and abroad, and the global business layout can be expected. According to the company report, 24H1's current order amount in the energy interconnection field is about 21 billion yuan, and the marine communications business has an order amount of about 5.5 billion yuan. Since 2024, the company has continued to win bids for marine energy projects at home and abroad, with sufficient orders: it has won bids for the Shenneng Hainan CZ2 offshore wind power demonstration project, Shandong Energy's Bozhong offshore wind power G site project, the Datang Hainan Danzhou offshore wind farm project, the Southeast Coastal Offshore Wind Farm Project, the Southeast Coastal Wind Turbine Optimization and Upgrading Project, the Croatian Medium Voltage Submarine Cable Project, and the Iceland VMJ Submarine Cable Project. In terms of communication operation business, the Pakistan-Egypt-Kenya and Egypt-France sections of the company's PEACE trans-ocean cable communication system were successfully put into operation at the end of 2022. In the past two years of operation, the system was in good condition and stable communication quality, which was widely praised by customers. As of 24H1, the company had orders in hand for the PEACE project exceeding 0.3 billion US dollars. In terms of optical communication, in 2024, the company actively promoted the production capacity increase of overseas optical communication industry bases such as Egypt, Indonesia, and India, accelerated the construction of optical communication industrial bases in Mexico, and further improved the overseas localized production capacity layout and global industrial layout.
Profit forecast and investment advice: 24H1's performance continues to increase, and the cost side continues to improve. The company further promotes strategic investment in the two core industries of communications and energy, and provides industry-leading products and solutions for optical communications, smart grids, offshore wind power, and marine communications. The company has plenty of orders in hand, and through the Global Industry Bureau, it is expected that it will continue to benefit from a boost in the global seabreeze and cable boom. We raised 2024-2026 net profit to mother of 2.821 billion yuan, 3.339 billion yuan, and 3.865 billion yuan, corresponding to year-on-year growth rates of 31%, 18%, and 16%, corresponding to PE of 12 times, 10 times, and 9 times. We focused on recommending and maintaining the “buy” rating.
Risk warning
1. Industrial policy and market risk;
2. Overseas investment and business risks.
