Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 7.82, indicating a potential upside of 26% from the current price of HKD 6.23 [5][12]. Core Insights - The company's overall gross margin is expected to improve, with a projected gross margin of over 16% for 2024 and further growth to 8% in 2025, driven by increased deliveries of offshore and international wind turbines [2][9]. - The company has successfully expanded its international market presence, demonstrating strong core competitive capabilities in the global supply chain and financing [3][10]. - The company anticipates a total wind turbine shipment of 18-20 GW for 2024, with continued growth expected in 2025, supported by a robust order backlog [4][11]. Financial Summary - The company reported a revenue of RMB 46,254 million in 2022, with projections of RMB 50,244 million in 2023, RMB 57,278 million in 2024, and RMB 61,860 million in 2025, reflecting a growth rate of 14% in 2024 [6][17]. - The net profit is expected to rebound significantly from RMB 1,331 million in 2023 to RMB 2,634 million in 2024, with a further increase to RMB 3,015 million in 2025 [6][17]. - The company’s earnings per share (EPS) is projected to rise from RMB 0.29 in 2023 to RMB 0.57 in 2024, and RMB 0.66 in 2025 [6][17].
金风科技：风机毛利率持续改善，海外市场拓展顺利