Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - 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%. The forecasted net profit for Q4 2024 is estimated to be 164-264 million yuan, with a median growth of 19.78% year-on-year and 13.20% quarter-on-quarter [4] - The company's overseas and offshore wind business is anticipated to drive performance, with a focus on expanding direct sales channels in markets such as Europe, the Middle East, Southeast Asia, and North America. This is expected to support margin improvement [4] - The company has successfully secured significant contracts, including a major data center project with ByteDance, indicating strong product recognition and potential for new revenue streams [5] Financial Projections - Revenue projections for 2024-2026 are 65.24 billion yuan, 83.69 billion yuan, and 103.92 billion yuan respectively, with net profits of 669 million yuan, 858 million yuan, and 1.063 billion yuan respectively. The corresponding P/E ratios are 24.2, 18.9, and 15.2 times [6] - Key financial metrics for 2023A and projections for 2024E, 2025E, and 2026E include: - Revenue: 4948 million yuan (2023A), 6524 million yuan (2024E), 8369 million yuan (2025E), 10392 million yuan (2026E) - Net profit: 498 million yuan (2023A), 669 million yuan (2024E), 858 million yuan (2025E), 1063 million yuan (2026E) - Gross margin: 22.7% (2023A), 22.4% (2024E), 21.7% (2025E), 21.0% (2026E) [8]
明阳电气：25年海外+海风双轮驱动，数据中心提供新弹性