Hopewind(SH:603063) ZHESHANG SECURITIES·2025-01-06 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is a leader in power conversion, with its new energy control business expected to bottom out and recover, while the prospects for high-power transmission and power supply applications are broad [1] Summary by Sections 1. Market Expectations - The company's new energy control business is under pressure, with significant growth challenges anticipated. However, it is expected that the profitability and revenue growth of this segment will bottom out in Q3 2024 and return to a growth trajectory [9] - The company operates mainly in the wind and solar sectors, which are subject to considerable fluctuations. It is believed that the company can achieve steady growth by leveraging its underlying technology platform across various high-power applications [9] 2. Financial Forecasts and Valuation - Projected revenues for 2024-2026 are expected to be CNY 37.57 billion, CNY 51.58 billion, and CNY 62.38 billion, representing year-over-year growth of 0.1%, 37.3%, and 20.9% respectively. The projected net profits for the same period are CNY 3.82 billion, CNY 5.13 billion, and CNY 6.31 billion, with year-over-year changes of -24.0%, 34.4%, and 23.1% respectively. The expected EPS for 2024-2026 is CNY 0.86, CNY 1.15, and CNY 1.42, corresponding to PE ratios of 22, 17, and 13 times [4][12]