分产品收入增长，毛利率下降或许订单交付节奏有关分产品营收情况来看，清洁高效能源装备/可再生能源装备/新兴成长产业营收同比变化分别为+41.03%/+18.59%/-8.61%，受益火电、核电行业景气度提升，公司清洁高效发电设备收入规模高增长。毛利率方面分别变化为-1.43/-3.64/-1.32pct,毛利率降低或与订单交付节奏有关，本期煤机项目大部分为当期毛利水平较低合同。occurrences
The company released its 2024 semi-annual report. 2024H1 achieved revenue of 33.457 billion yuan, +11.84% year-on-year, realized net profit of 1.691 billion yuan, or -15.52% year-on-year, and realized net profit deducted from non-mother 1.634 billion yuan, or -10.16% year-on-year. 2024Q2 achieved revenue of 18.404 billion yuan, +21.09% year-on-year, realized net profit of 0.786 billion yuan, or -20.08% year-on-year, and realized net profit of 0.579 billion yuan without return to mother, or -33.08% year-on-year.
Reduced investment income, increased R&D investment, and exchange losses affected the net profit of 2024H1 investment decreased by 0.218 billion yuan year on year, mainly due to non-monetary asset exchange losses; due to exchange rate fluctuations, exchange losses decreased profit by 0.098 billion yuan year on year in the first half of the year; the company increased R&D investment in the current period, and R&D expenses increased by 0.277 billion yuan year on year.
Revenue growth by product, decline in gross margin, or the pace of order delivery. Looking at the revenue situation of clean and efficient energy equipment/renewable energy equipment/emerging growth industries, year-on-year changes were +41.03%/+18.59%/-8.61%, respectively. Benefiting from the increase in the prosperity of the thermal power and nuclear power industry, the company's revenue scale of clean and efficient power generation equipment grew rapidly. In terms of gross margin, the changes were -1.43/-3.64/-1.32pct, respectively. The decrease in gross margin may be related to the pace of order delivery. Most of the current coal machine projects are contracts with a low level of gross profit for the current period.
There are plenty of orders in hand, improving quality and efficiency to return shareholders
2024H1 added effective orders of 56.073 billion yuan, or +14.77% year-on-year. Among them, orders for clean and efficient energy equipment (related to thermal power and nuclear power) were +20.73% compared to the same period, and orders for renewable energy equipment were +21.66% year-on-year. There were plenty of orders in hand, and increased industry prosperity to ensure future development. The company announced the 2024 “Improving Quality and Efficiency, and Valuing Returns” action plan. The plan proposes deepening the work of improving quality and efficiency and increasing the dividend ratio. During the period 2021-2024, the dividend ratio will be increased by 5% every year, etc., and emphasis is placed on shareholders' return on investment.
Profit Forecasts, Valuations, and Ratings
In view of the high boom in the thermal power and nuclear power industry, the company is a leading comprehensive energy equipment company. We expect the company's revenue for 2024-2026 to be 67.392/75.054/81.437 billion yuan, respectively, +13.14%/+11.37%/+8.50% year-on-year; net profit to mother will be 4.006/4.843/5.454 billion yuan, respectively, with year-on-year growth rates of 12.85%/20.89%/12.60%, and 3-year CAGR of 15.39%. EPS was 1.29/1.55/ 1.75 yuan/share, respectively, and PE was 9.9/8.2/7.3 times, respectively, maintaining a “buy” rating.
Risk warning: crew construction progress falls short of expectations, market competition intensifies, order delivery pace