MYSE(601615) 广发证券·2025-01-01 23:31Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 17.07 CNY per share based on a 15x PE valuation for 2025 [35][59]. Core Insights - The company has achieved significant growth in offshore wind power, with a shipment volume of 2.48 GW in 2023, representing a 203% year-on-year increase and capturing a 25.7% market share, making it the second-largest offshore wind turbine manufacturer in China [1]. - The company is recognized for its early adoption of semi-direct drive technology, which has led to a competitive advantage in the offshore wind market [3]. - The company has successfully developed floating wind turbine technology, with the MySE16.6(T) platform being the largest floating wind power platform globally, capable of generating approximately 54 million kWh annually [5][7]. - The company is actively expanding its domestic and international market presence, with a focus on government collaborations and establishing production bases in various provinces [8][9]. Summary by Sections Offshore Wind Power Market - The company has a strong position in the offshore wind market, with a gross margin of 7.92% for its 6MW and above offshore models, significantly higher than the overall wind turbine sales margin of 6.35% [1]. - The company ranked third in bidding capacity with 400 MW in the first three quarters of 2024, indicating a robust pipeline despite potential declines in offshore wind business due to high delivery volumes in 2023 [1]. Technological Advancements - The company has developed a comprehensive product line of semi-direct drive offshore wind turbines ranging from 5 to 25 MW, showcasing its technological leadership [3]. - The MySE18.X-20MW model won a gold award in the "Best Drive System" category at the Windpower Monthly awards, highlighting the company's innovation in offshore wind technology [5]. Domestic and International Expansion - The company is leveraging its geographical advantages in Guangdong, where it has established significant production capacity and enjoys favorable policies for offshore wind projects [7]. - The company has signed agreements with local governments in multiple provinces to enhance its order acquisition capabilities and has established over 20 production bases nationwide [8]. Financial Performance and Projections - The company is projected to achieve revenues of 30.9 billion CNY in 2024, with a growth rate of 10.9%, and expects to reach 45.1 billion CNY by 2026 [35][59]. - The forecasted net profit for 2024 is 1.416 billion CNY, with significant growth anticipated in subsequent years [35][59].