JZNEE(SH:603507) Huaxin Securities·2024-07-24 15:00Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a strong potential for growth with expected returns exceeding 20% over the next 12 months [15]. Core Views - The company is a leading provider of steel structure components for renewable energy generation equipment, focusing on wind and solar power markets, with a robust customer base including major international firms [10][15]. - The company has shown significant revenue growth, with a 32.28% year-on-year increase in revenue for 2023, reaching 3.842 billion yuan, and a projected revenue of 5.023 billion yuan for 2024 [10][15]. - The company is expanding its production capacity in the U.S. and plans to establish a factory in Saudi Arabia, which is expected to enhance its market position and profitability in the global solar market [10][15]. Summary by Sections Company Overview - The company specializes in steel structure components for renewable energy equipment, including wind and solar power devices, and has established a strong presence in both domestic and international markets [10]. Financial Performance - In 2023, the company achieved a revenue of 3.842 billion yuan, with a net profit of 184 million yuan, reflecting a 94.1% increase in net profit year-on-year [15][27]. - The forecast for 2024 anticipates revenues of 5.023 billion yuan and a net profit of 304 million yuan, indicating continued growth [15][27]. Production and Expansion Plans - The company has commenced production at its U.S. factory to mitigate trade policy uncertainties and plans to build a factory in Saudi Arabia with an initial capacity of 3GW, expandable to 5GW [10][15]. - The company is also focusing on offshore wind power, with investments in new facilities to support large-scale offshore wind turbine components [10][15]. Profitability Forecast - The company is projected to achieve revenues of 50.23 billion yuan, 63.69 billion yuan, and 72.66 billion yuan from 2024 to 2026, with corresponding EPS of 1.65, 2.33, and 2.85 yuan [15][27].