JZNEE(603507) 东方证券·2024-07-08 00:31Investment Rating - The report assigns a Buy rating to the company with a target price of 39.90 RMB for 2024, based on a 19x PE multiple [47][25] Core Views - The company is expected to achieve EPS of 2.10, 3.01, and 3.79 RMB for 2024, 2025, and 2026 respectively [25] - The company is a leader in wind and solar power equipment structural components, with a strong presence in overseas markets, particularly in the US and Europe [22][70] - The company has established long-term strategic partnerships with industry leaders such as Siemens and GE, which provides a solid foundation for market expansion [22][70] Financial Performance - Revenue is projected to grow from 4,637 million RMB in 2024E to 7,198 million RMB in 2026E, with a CAGR of 20.7% to 19.9% [3][9] - Net profit is expected to increase from 326 million RMB in 2024E to 590 million RMB in 2026E, with a CAGR of 62.6% to 25.9% [3][9] - Gross margin is forecasted to remain stable at around 19.2% from 2024E to 2026E, while net margin is expected to improve from 6.4% to 7.5% over the same period [3][9] Industry Outlook - The global wind power market is expected to grow significantly, with offshore wind installations projected to increase from 10.8 GW in 2023 to 31 GW by 2027 [101][113] - The European offshore wind market is expected to grow rapidly, with annual installations projected to reach 25 GW by 2030, driven by EU policies and energy independence goals [22][113] - The US solar market is expected to see strong growth in utility-scale projects, supported by declining module prices and the implementation of the IRA subsidy [22][144] Company Strategy - The company is expanding its product portfolio and actively developing new business opportunities, including wind turbine assembly and leasing services [22][73] - The company has established subsidiaries in the US and Saudi Arabia to capture growth opportunities in these key markets [22][73] - The company is focusing on tracking solar支架, which is expected to become a major trend in the solar支架 market due to its cost-effectiveness [134][156] Valuation - The company's 2024E PE multiple of 19x is based on a comparison with peers in the solar支架 and wind power export sectors, such as Zhongxinbo and Yihua股份 [9][13] - The company's valuation is supported by its strong market position in overseas markets and its ability to benefit from the growth in wind and solar power installations [22][70]