2024H1，公司抓住新能源行业需求持续增长、数据中心建设加速、海外变压器紧缺等市场机遇，加快产品升级迭代，各项业务收入明显提升。按行业分类，公司光伏行业线实现收入10.97 亿元，同比+32%；风电行业线实现收入5.88 亿元，同比+25%；储能行业线实现营收3.32 亿元，同比+62%；数据中心行业线实现营收1.18亿元，同比+4%。按产品分类，上半年公司箱式变电站、成套开关柜、变压器产品分别实现营收16.07/2.69/4.74 亿元，分别同比+23.45%/-6.89%/+110.21%。Incidents:
The company released its 2024 mid-year report. 2024H1 achieved revenue of 2.473 billion yuan, +29.94% year over year; realized net profit to mother of 0.246 billion yuan, +52.36% year over year. Q2 In a single quarter, the company achieved revenue of 1.438 billion yuan, +20.25% year over year, +39.06% month on month; realized net profit of 0.157 billion yuan to mother, +32.96% year on year, and +74.30% month on month.
Increased demand for new energy transformers drives performance growth
With 2024H1, the company seized market opportunities such as continued growth in demand in the new energy industry, accelerated data center construction, and a shortage of overseas transformers to accelerate product upgrades and iterations, and revenue from various businesses increased markedly. According to industry classification, the company's photovoltaic industry line achieved revenue of 1.097 billion yuan, +32%; the wind power industry line achieved revenue of 0.588 billion yuan, +25%; the energy storage industry line achieved revenue of 0.332 billion yuan, +62% year over year; and the data center industry line achieved revenue of 0.118 billion yuan, +4% year over year. According to product classification, in the first half of the year, the company's box-type substations, complete switch cabinets, and transformer products achieved revenue of 1.607/0.269/0.474 billion yuan, respectively, +23.45%/-6.89%/+110.21% compared with the same period last year.
Supply chain control and technological advancements improve profitability
2024H1, the company strengthened the control of the supply chain and further reduced costs through technological iteration, and the comprehensive gross margin increased 1.56pct to 23.26% year over year. By product, the gross margin of the company's box-type substation was 22.11%, +1.63pct; the gross margin of the complete switch cabinet was 20.13%, +1.13pct year on year; and the gross margin of the transformer was 25.79%, -0.99pct year on year. We believe that as the company further unleashes scale effects and ships new products used in high-end scenarios such as high voltage and deep sea, profitability is expected to increase further.
Profit Forecasts, Valuations, and Ratings
We expect the company's revenue for 2024-2026 to be 6.338/7.484/8.488 billion yuan, with year-on-year growth rates of 28.09%/18.08%/13.42%, respectively; net profit to mother of 0.633/0.804/0.967 billion yuan, respectively, with year-on-year growth rates of 27.19%/27.04%/20.19%; EPS 2.03/2.58/3.10, respectively, and a 3-year CAGR of 24.76%. In view of the steady progress of the company's market development and product upgrades, expectations of current overseas policy changes may have been fully responded to by the market to maintain a “buy” rating.
Risk warning: 1) Overseas policy changes affect domestic power equipment exports; 2) industry competition intensifies; 3) raw material prices fluctuate greatly.
