JZNEE(603507) 长城证券·2024-06-24 09:31Investment Rating - The report maintains a "Buy" rating for the company [52]. Core Insights - The company has achieved significant revenue growth, with a 32.28% increase in operating income in 2023, marking the highest growth rate in four years. The net profit attributable to shareholders increased by 93.57% [15][51]. - The company is actively expanding its overseas business, with a focus on wind and solar energy sectors, and has established subsidiaries in the United States and Saudi Arabia to enhance its market presence [12][25]. - The company has a strong order backlog of 2.414 billion yuan, ensuring stable performance in the coming periods [14]. Summary by Sections 1. Leading Steel Structure Enterprise with Multiple Business Collaborations - The company is a leading enterprise in the steel structure sector, focusing on renewable energy equipment, including wind and solar energy [8][81]. - The company has established a solid foundation in wind turbine component manufacturing through partnerships with major international firms like Siemens [60]. - The company has maintained a stable dividend payout rate, reflecting confidence in its sustainable operations and growth [31][40]. 2. Breakthrough in Large-Megawatt Products and Development of Offshore Wind Energy - The global wind power installed capacity reached a record high of 1TW in 2023, with an annual increase of 116.6GW, indicating a robust market outlook [92]. - The company is expanding its production capacity for large offshore wind turbines, with new projects underway to meet growing demand [60][92]. - The company has established a strong market presence in the offshore wind sector, benefiting from favorable policies and abundant resources [45][49]. 3. Solar Tracking Brackets and Accelerated Capacity Expansion - The company is a qualified supplier for major solar tracking bracket manufacturers and has begun production in the U.S. under favorable market conditions [93]. - The company is also collaborating on a solar tracking bracket factory in Saudi Arabia, expected to enhance its production capacity significantly [93]. - The solar energy sector is projected to experience substantial growth, driven by global energy transition trends and increasing demand for solar products [51][93]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve operating revenues of 5.085 billion yuan in 2024, with a year-on-year growth rate of 32.36% [52]. - The net profit attributable to shareholders is projected to reach 310 million yuan in 2024, reflecting a strong growth trajectory [52]. - The report emphasizes the company's dual focus on wind and solar energy sectors, positioning it well for future growth [61].