Hopewind(603063) 浙商证券·2025-03-17 05:20Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved better-than-expected performance in Q4, with a significant increase in net profit compared to the previous quarter [1] - The company is advancing in the wind, solar, and hydrogen sectors while maintaining a high level of profitability [1] - The engineering transmission business has expanded its layout, achieving growth in various traditional and new sectors [2] - The power supply sector is diversifying its product offerings, with promising prospects for data center power solutions [3] - The earnings forecast has been raised, with projected revenue growth for 2025-2027 [4] Financial Summary - In 2024, the company reported total revenue of 37.33 billion yuan, a year-on-year decrease of 0.50%, and a net profit of 4.41 billion yuan, down 12.28% year-on-year [1][6] - For Q4 2024, total revenue reached 14.22 billion yuan, up 25.05% year-on-year and 52.88% quarter-on-quarter, with a net profit of 1.87 billion yuan, an increase of 85.86% year-on-year and 90.04% quarter-on-quarter [1] - The company expects revenues of 51.21 billion yuan, 62.89 billion yuan, and 75.50 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 37.2%, 22.8%, and 20.1% [4][6] - The projected net profits for 2025, 2026, and 2027 are 6.10 billion yuan, 7.42 billion yuan, and 8.93 billion yuan, respectively, with corresponding year-on-year growth rates of 38.5%, 21.6%, and 20.4% [4][6]