Hopewind(603063) Soochow Securities·2025-03-17 02:36Investment 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 supply equipment segment, and is well-positioned to benefit from the trend towards high-power AI-related power supply equipment [7] Financial Summary - The company forecasts total revenue of 4.514 billion yuan for 2025, representing a growth of 20.91% year-on-year, and a net profit of 590.77 million yuan, up 34.09% year-on-year. The earnings per share (EPS) is projected to be 1.31 yuan [1][8] - The company’s operating cash flow for 2024 is expected to be 272 million yuan, with a significant improvement in Q4, reaching 312 million yuan [8] - The company’s total assets are projected to grow from 7.951 billion yuan in 2024 to 11.762 billion yuan by 2027, indicating a strong growth trajectory [8]