MYSE(SH:601615) Xin Lang Cai Jing·2025-04-29 02:35Core Viewpoint - The company reported lower-than-expected annual performance for 2024, primarily due to delays in power station transfers and increased asset impairment losses, but maintains a strong position in the offshore wind sector and a leading layout in Europe, sustaining a "buy" rating [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 27.158 billion yuan, a year-on-year decrease of 3.43%, and a net profit attributable to shareholders of 346 million yuan, down 8.12% year-on-year [1] - In Q4, the company reported revenue of 6.922 billion yuan, with year-on-year and quarter-on-quarter declines of 1.29% and 17.99% respectively, and a net profit of -462 million yuan, indicating a shift from profit to loss [1] - For Q1 2025, the company recorded revenue of 7.704 billion yuan, reflecting a year-on-year increase of 51.78% and a quarter-on-quarter increase of 11.30%, with a net profit of 302 million yuan, showing a year-on-year decrease of 0.70% but a significant quarter-on-quarter increase of 165.33% [2] Group 2: Market Outlook - The government has emphasized the development of offshore wind power and identified deep-sea technology as a strategic emerging industry, which is expected to support high growth in installed capacity [2] - The company is well-positioned as a domestic leader in offshore wind, with a strong order backlog expected to be gradually delivered, enhancing profitability through effective cost control and improved operational efficiency [2] - In Europe, increased policy support for offshore wind is anticipated to drive significant growth in installed capacity, with a forecast of 11.8 GW of new installations by 2030, corresponding to a CAGR of 28.6% from 2025 to 2030 [3] Group 3: Profit Forecast and Valuation - Due to potential impacts from new energy market entry and reduced grid electricity prices, the company has adjusted its assumptions for electricity prices and gross margins, leading to a downward revision of net profit forecasts for 2025-2027 [4] - The projected net profits for 2025, 2026, and 2027 are 2.206 billion yuan, 3.130 billion yuan, and 3.992 billion yuan, respectively, with reductions of 13.5% and 10.6% for 2025 and 2026 [4] - The company is assigned a target price of 13.58 yuan based on a 14x PE ratio for 2025, reflecting its solid leadership in offshore wind and advantageous positioning in the European market [4]