Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7][9]. Core Views - The company has achieved leading positions in multiple downstream sectors such as transformers and switches, leveraging its advantages in products, technology, cost, service, and customer relationships. It has experienced explosive growth by focusing on the domestic renewable energy sector and is actively expanding into new fields and markets, which is expected to drive future growth [2][4][7]. Current Situation - The company is recognized as a leader in land-based wind and solar energy storage transformers, with sustained high growth in operations. From 2020 to 2023, the company's revenue and net profit attributable to shareholders grew at a compound annual growth rate (CAGR) of over 40%, reaching approximately 41 billion yuan in 2023 [4][21][24]. Short-term Outlook - The company’s revenue is primarily driven by the renewable energy sector, with significant contributions from photovoltaic, land wind, and energy storage businesses. By 2025, the domestic installed capacity for land wind is expected to grow rapidly to 90-100 GW, providing strong support for the company’s growth. Additionally, the company has made significant inroads into the domestic offshore wind and overseas transformer markets, which are anticipated to contribute to its revenue [5][28][37][40]. Medium to Long-term Outlook - The company is well-positioned to maintain a strong market presence in the electrical equipment sector due to its competitive advantages in technology, cost, customer service, and product offerings. It has made proactive investments in new fields such as marine renewable energy, data centers, and international markets, which are expected to drive sustained rapid growth in the future [6][49][51]. Investment Recommendations - The report forecasts net profits attributable to shareholders of 630 million yuan and 850 million yuan for 2024 and 2025, respectively, corresponding to price-to-earnings (PE) ratios of 24 and 18 times [7].
明阳电气：专耕于“新”，勇攀高峰