Jiangsu Haili Wind Power Equipment Technology (301155) 东吴证券·2025-01-27 08:09Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to face pressure on shipments in 2024, with a focus on waiting for demand reversal [1] - The forecast for 2024 indicates a significant decline in total revenue and a return to profitability, with net profit expected to be between 63.27 million and 77.33 million RMB [8] - The company anticipates a substantial increase in performance in 2025 and 2026, driven by the growth of offshore wind projects [1] Financial Forecasts - Total revenue is projected to decrease from 1,685 million RMB in 2023 to 1,440 million RMB in 2024, before rising to 4,686 million RMB in 2025 and 6,349 million RMB in 2026, reflecting a growth rate of 225.42% in 2025 [1][9] - The net profit for 2024 is expected to be 70 million RMB, a significant recovery from a loss of 88.05 million RMB in 2023, with further increases to 689.59 million RMB in 2025 and 881.65 million RMB in 2026 [1][9] - The earnings per share (EPS) is forecasted to improve from -0.41 RMB in 2023 to 0.32 RMB in 2024, and further to 3.17 RMB in 2025 and 4.06 RMB in 2026 [1][9] Market Data - The closing price of the company's stock is 56.65 RMB, with a market capitalization of approximately 12,315.23 million RMB [6] - The company has a price-to-earnings (P/E) ratio of 175.93 for 2024, which is expected to decrease to 17.86 in 2025 and 13.97 in 2026 [1][9] Operational Insights - The company is experiencing weak shipment performance in Q4 2024 due to delays in project approvals, particularly in Jiangsu [8] - The profitability of the company's power stations is expected to be weak in Q4 2024, with additional asset impairment losses anticipated [8] - The company is positioned as a leading supplier for major offshore wind projects, particularly in Jiangsu, which is expected to significantly contribute to its performance in 2025 [1][8]