Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company is expected to achieve a net profit attributable to shareholders of 600-700 million yuan in 2024, representing a year-on-year growth of 21.18%-41.37% [1]. - The company has seen an increase in orders and delivery scale, which has driven revenue and profit growth [1]. - The company plans to recognize impairment provisions of approximately 153 million yuan in 2024, which includes credit impairment and asset impairment [2]. - The company has made significant progress in multiple business areas, including offshore wind, overseas projects, and data centers [2]. Financial Forecasts - Revenue projections for 2024-2026 are 66.52 billion yuan, 82.00 billion yuan, and 95.66 billion yuan, with corresponding growth rates of 34%, 23%, and 17% [3][4]. - Net profit attributable to shareholders is forecasted to be 6.55 billion yuan, 8.68 billion yuan, and 10.59 billion yuan for the same period, with growth rates of 32%, 32%, and 22% [3][4]. - The report provides a PE ratio forecast of 23X, 18X, and 14X for 2024-2026 based on the closing price on January 21, 2025 [3].
明阳电气：2024年业绩预告点评：业绩持续增长，计提减值轻装上阵