研报掘金丨东吴证券：维持欣旺达“买入”评级，目标价41元

Core Viewpoint - The settlement between XWDA and Weir eliminates uncertainties related to future Hong Kong listing, overseas expansion, new customer acquisition, and bank cooperation, allowing the company to focus on its operational fundamentals [1] Group 1: Legal and Financial Developments - The lawsuit settlement is expected to prevent prolonged price wars and litigation, which could have negatively impacted the company's performance [1] - The estimated provision for the 2025 power business is between 1.25 billion to 2 billion yuan, with sufficient handling of related provisions that will not affect performance in 2026 and beyond [1] Group 2: Business Growth and Projections - The company aims for a gross margin target of 15% for the power business in 2026, an increase of 2 percentage points year-on-year, and a target of 10-12% for energy storage, also up by 2-3 percentage points [1] - The proportion of overseas customers is expected to increase from 30% to 40-50%, with cost coverage achieved through technological innovation, scale effects, and improved yield [1] Group 3: Profit Forecasts - The company anticipates net profits attributable to shareholders of 1.41 billion, 3.03 billion, and 4.12 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting a year-on-year change of -4%, +115%, and +36% [1] - The corresponding price-to-earnings ratios are projected to be 32x, 15x, and 11x, with a target price of 41 yuan based on a 25x valuation for 2026, maintaining a "buy" rating [1]