MYSE(601615) 新浪财经·2025-05-23 10:27Core Viewpoint - The company reported a decline in revenue and net profit for the fiscal year 2024, but showed significant growth in Q1 2025, indicating a potential recovery in performance [1][2][3]. Financial Performance - For the fiscal year 2024, the company achieved revenue of 27.158 billion yuan, a year-on-year decrease of 3.43% (adjusted) [1]. - The net profit attributable to shareholders was 346 million yuan, down 8.12% year-on-year, while the net profit excluding non-recurring items was 175 million yuan, a decline of 14.25% [1]. - In Q1 2025, the company reported revenue of 7.704 billion yuan, an increase of 51.78% year-on-year and 11.3% quarter-on-quarter [1]. Business Segments - The wind turbine and components business generated revenue of 20.833 billion yuan in 2024, down 12.4% year-on-year, with a sales volume of 10.82 GW, an increase of 11.66% [2]. - The average sales price for wind turbines was approximately 1925 yuan/kW, a decrease of 22% year-on-year [2]. - The power generation business achieved revenue of 1.73 billion yuan, up 15.35% year-on-year, with a gross margin of 57.14%, down 5.86 percentage points [2]. Q1 2025 Insights - In Q1 2025, the wind turbine and components segment generated revenue of 5.66 billion yuan, a year-on-year increase of 101%, with wind turbine sales reaching 3.8 GW, up 156.78% [3]. - The power generation revenue was 423 million yuan, down 12.78% year-on-year, with a gross margin of 57.86%, a decrease of 10.67 percentage points [3]. - The main profit contribution in Q1 came from power generation and transfer profits, with a significant reduction in losses from the main engine business [3]. Future Outlook - The company expects to achieve stable pricing and increased volume in the main engine business in 2025, with a historical high of 42.22 GW in hand orders, including over 3 GW in overseas orders [3]. - The anticipated recovery in industry bidding prices is expected to lead to a significant increase in delivery volumes in 2025, with improved gross margins projected [3]. - The company is positioned to benefit from accelerated domestic and overseas order deliveries, with a forecasted EPS of 0.71/0.94/1.16 yuan per share for 2025-2027 [4].