金風科技(02208.HK)：未來風機結構持續優化，支撐毛利率回升，維持“買入”評級，目標價8.00港元
機構：國元證券
評級：買入
目標價：8.00港元
投資要點
2020年上半年盈利12.75億元人民幣，同比增長 7.63%：
截至2020年6月30日止六個月， 公司實現營業收入194.25億元人民幣，同比增長 23.47%；歸屬股東的淨利潤 12.75 億元人民幣，同比增長7.63%；基本每股收益0.2898 元，期內公司經營性淨現金流淨流入 16.7億元人民幣， 同比增長 152.6%。公司收入增長主要受益風機銷量持續增長，而盈利僅小幅增長則主要由於整機業務佔營業收入比重增加，以及海外 EPC業務虧損帶來公司綜合毛利率和淨利率的下降。
公司維持風機毛利率 15%指引不變：
上半年，公司風機銷售收入 145.66 億元，同比增長 25.14%，公司風機銷量 4.1GW，同比增長28.5%，風機銷售毛利率 12.13%，同比提高 0.74個百分點。公司維持2020 年全年12-14GW 總出貨量規模以及風機毛利率 15%指引不變。 公司上半年交付以 2S平台產品為主，下半年 3S/4S/6S平台產品會上升。預期隨着低價訂單的消化完畢，下半年交付訂單產品的結構優化將有利於風機毛利率的提升。
在手訂單充裕，產品結構進一步優化：
截至 2020年6月30 日，公司外部在手訂單 17.42GW，其中海上風電訂單 2.24GW，國際外部訂單 1.59GW。從產品類型業看，2S 系列合計9.95GW，佔比57.1%；3S/4S 系列約為 5GW 佔比升至 28.7%；6S/8S系列 2.24GW 佔比 12.9%。總體來看，公司在手訂單充裕，未來產品結構將進一步優化，有利支撐公司收入和利潤持續增長。
維持買入評級，目標價 8.00 港元：
我們更新公司盈利預測並結合行業內可比公司估值情況，給予公司目標價 8.00港元，相當於2020 年和2021 年10 和9倍PE，目標價較現價有28%上升空間，維持買入評級。
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