Windey(SZ:300772) Haitong Securities·2024-11-08 12:48Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company has shown significant growth in its order backlog, with a year-on-year increase of 56.09% in cumulative orders, reaching 35.85 GW [7] - The company's revenue for Q3 2024 was 53.01 billion yuan, representing a year-on-year growth of 26.29% and a quarter-on-quarter increase of 8.72% [6] - The net profit attributable to the parent company for Q3 2024 was 1.19 billion yuan, up 16.03% year-on-year and 55.32% quarter-on-quarter [6] - The company is expanding its international presence, successfully securing orders in Southeast Asia, Eastern Europe, Central Asia, and South America, with a breakthrough in the Middle East market [7] - The company is expected to achieve net profits of 335 million yuan and 573 million yuan for 2024 and 2025, respectively, with corresponding EPS of 0.48 and 0.82 yuan per share [8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 139.29 billion yuan, a year-on-year increase of 24.01% [6] - The gross profit margin for Q3 2024 was 16.17%, an increase of 2.44 percentage points year-on-year [6] - The net profit margin for Q3 2024 was 2.24%, showing a slight decrease of 0.20 percentage points year-on-year [6] Order Backlog and Market Expansion - The company added 18.72 GW in new orders during the first three quarters of 2024, a year-on-year increase of 64.69% [7] - The proportion of orders for models of 6 MW and above reached 62.55%, up 16.27 percentage points year-on-year [7] - The company has been actively developing its core competitiveness in offshore wind power, with successful project approvals and deliveries in Zhejiang and Liaoning [7] Cash Flow and Financial Projections - The operating cash flow for the first three quarters of 2024 was -7.26 billion yuan, an improvement from -10.84 billion yuan in the same period last year [8] - The company expects to achieve a reasonable valuation range of 14.76 to 16.40 yuan per share based on a PE ratio of 18-20X for 2025 [8]