Windey(SZ:300772) Tai Ping Yang·2024-11-07 05:43Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Views - The company's revenue for the first three quarters of 2024 reached 13.929 billion, a year-on-year increase of 24.01%, while the net profit attributable to shareholders was 267 million, up 6.25% year-on-year [1]. - The gross margin for wind turbines has been steadily recovering, with a gross margin of 11.07% for the first nine months of 2024, an increase of 0.73 percentage points compared to the first half of 2024 [1]. - The company achieved record highs in both new orders and backlog orders, with new orders of 18.72 GW in the first nine months of 2024, a year-on-year increase of 64.69% [1]. - The sales structure is dominated by 5.X MW and 6 MW and above models, which accounted for 93% of total sales [1]. Financial Summary - For 2024, the company is projected to generate revenues of 21.412 billion, with a growth rate of 14.34% [3]. - The net profit for 2024 is expected to be 424 million, reflecting a growth rate of 2.30% [3]. - The earnings per share (EPS) for 2024 is estimated at 0.60, with a price-to-earnings (PE) ratio of 24.95 [3].