Hopewind(603063) Soochow Securities·2025-03-17 02:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.733 billion yuan for 2024, a slight decrease of 0.50% year-on-year, while the net profit attributable to shareholders was 440.58 million yuan, down 12.28% year-on-year. However, Q4 showed a significant revenue increase of 25.05% quarter-on-quarter and 52.88% year-on-year, with net profit rising by 85.86% quarter-on-quarter and 90.04% year-on-year, slightly exceeding market expectations [7] - The restructuring into a divisional system has significantly improved profitability, with the gross margin increasing despite intensified competition in the renewable energy sector. The company achieved a gross margin of 33.67% in its new energy control business, up 1.96 percentage points year-on-year [7] - The company has a strong technological advantage in high-power products, particularly in the 5-20MW power equipment segment, and has established deep relationships with leading overseas companies, positioning itself well for future growth [7] - Operating cash flow turned positive in Q4, reaching 312 million yuan, with a significant year-on-year increase of 456.92% [7] Financial Summary - The company forecasts total revenue of 4.514 billion yuan for 2025, with a year-on-year growth of 20.91%. The net profit attributable to shareholders is projected to be 590.77 million yuan, reflecting a growth of 34.09% [1][8] - The earnings per share (EPS) is expected to be 1.31 yuan in 2025, with a price-to-earnings (P/E) ratio of 26x based on the current price [1][8] - The company anticipates a net profit of 8.2 billion yuan by 2027, representing a year-on-year growth of 15% [7]