Core Viewpoint - The company reported a decline in revenue for 2024 but achieved profitability, with expectations for improved performance in 2025 due to accelerated offshore wind construction [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 1.355 billion yuan, a year-on-year decrease of 19.63% [1]. - The net profit attributable to shareholders was 66 million yuan, a turnaround from a loss [1]. - The first quarter of 2025 saw revenue of 436 million yuan, a year-on-year increase of 251.50% and a quarter-on-quarter increase of 48.63% [1]. Business Segment Analysis - The pile foundation business generated revenue of 854 million yuan in 2024, down 22.67%, with a gross margin decrease of 6.03 percentage points to 4.29% [2]. - Wind tower revenue was 320 million yuan, a decrease of 18.71%, but gross margin increased by 4.38 percentage points to 7.90% [2]. - The jacket structure segment achieved revenue of 138 million yuan, up 6.82%, with a gross margin increase of 10.28 percentage points to 4.79% [2]. Industry Outlook - Offshore wind construction is expected to accelerate in 2025, with significant development anticipated due to the resolution of previous regulatory issues [3]. - The company’s sales gross margin improved by 10.00 percentage points to 15.05% in Q1 2025, indicating a positive trend [3]. - The company is actively expanding its production capacity and planning new bases to enhance its export capabilities [3]. Future Projections - The company maintains a "buy" rating, projecting net profits of 668 million yuan, 884 million yuan, and 1.113 billion yuan for 2025, 2026, and 2027 respectively [4]. - Expected earnings per share (EPS) for 2025, 2026, and 2027 are 3.07 yuan, 4.07 yuan, and 5.12 yuan, with corresponding price-to-earnings (PE) ratios of 20, 15, and 12 [4].
海力风电(301155)：24年业绩有所承压 25Q1毛利率显著改善