MYSE(SH:601615) Xin Lang Cai Jing·2026-01-29 00:28Investment Logic - The company is a leading domestic offshore wind turbine manufacturer, with a three-tiered logic supporting its performance in an upward trajectory. In the short term, domestic onshore wind prices have rebounded, with the average bidding price for onshore wind turbines (excluding towers) expected to increase by over 10% year-on-year in 2025. As high-priced orders are delivered in 2026-2027, the company's manufacturing performance is anticipated to continue to release elasticity [1] - In the medium term, after three years of adjustment, the demand for domestic offshore wind construction is expected to gradually recover. It is projected that the average annual installed capacity of offshore wind during the 14th Five-Year Plan will increase from 8 GW to 15-20 GW, benefiting the company as a domestic offshore wind leader [1] - In the long term, Europe is entering a phase of rapid offshore wind construction, with an expected average annual installed capacity of over 15 GW after 2030. Currently, the local offshore wind turbine production capacity in Europe is only 4 GW. Coupled with the strong demand from European developers for cost reduction, the company is expected to achieve breakthroughs in the European offshore wind market through its local base in the UK, opening up long-term growth opportunities [1] Acquisition of Satellite Energy System Manufacturer - The company announced plans to acquire 100% of Zhongshan Dehua Chip through a combination of issuing shares and cash payments, along with raising matching funds. Dehua Chip focuses on flexible space solar cell chips and circuits, possessing gallium arsenide component-level supply capabilities. The general manager is Yang Wenyu, a former senior vice president of Blue Arrow Aerospace [2] - In September 2025, the world's lightest, most compact, highest efficiency, and simplest reliable deployment satellite fully flexible roll-fold solar wing made by Dehua Chip will be used in a commercial satellite for internet technology testing and successfully launched [2] - The company has established mass production capacity for HJT ground photovoltaic products and a pilot line for perovskite technology. With Dehua Chip's customer base and validation channels in the gallium arsenide field, the company is expected to smoothly enter the in-orbit verification phase after relevant product development, further opening the energy system market for high-power, large-area, and commercial satellites [2] Profit Forecast, Valuation, and Rating - The company is projected to achieve operating revenues of 37.4 billion, 42.7 billion, and 46.4 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth of 37.6%, 14.3%, and 8.6%. The net profit attributable to shareholders is expected to be 1.02 billion, 2.21 billion, and 3.14 billion yuan, with year-on-year growth of 195.4%, 116.2%, and 42.2%, corresponding to EPS of 0.45, 0.98, and 1.39 yuan [3] - The company benefits from rising domestic onshore wind prices and accelerated offshore wind construction, with strong certainty in the release of mid-to-short-term profit elasticity. The investment in European offshore wind capacity and the acquisition of Zhongshan Dehua Chip establish long-term growth momentum, maintaining a "buy" rating [3]