Hopewind(SH:603063) HTSC·2025-03-17 02:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 41.20 RMB [8][9]. Core Insights - The company reported a significant increase in net profit for Q4, exceeding consensus expectations by 27%, primarily due to a rebound in its new energy control business [1]. - The company's comprehensive layout in wind, solar, and hydrogen storage businesses, along with rapid growth in its engineering transmission segment and successful overseas expansion, supports the positive outlook [1][5]. - The report highlights a strong recovery in the new energy sector, particularly in Q4, with a notable increase in revenue driven by the photovoltaic storage segment [2]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 3.733 billion RMB, a slight decrease of 0.5% year-on-year, with a net profit of 440.58 million RMB, down 12.3% year-on-year. However, Q4 revenue reached 1.422 billion RMB, showing a quarter-on-quarter increase of 25.1% and a year-on-year increase of 52.9% [1]. - The engineering transmission business grew by 16.75% year-on-year, contributing 5.62 billion RMB to the total revenue, with a gross margin of 44.5% [3]. - The overseas business saw a remarkable growth of 122.74% year-on-year, reaching 260 million RMB, with a gross margin of 54.2% [4]. Business Segments - The new energy control business faced challenges in 2024, with a total revenue of 2.86 billion RMB, down 4.79% year-on-year, but showed signs of recovery in Q4 with a revenue of 1.06 billion RMB, up 15% year-on-year [2]. - The engineering transmission segment's revenue in Q4 was 250 million RMB, reflecting a 116% increase quarter-on-quarter, with a gross margin of 48.5% [3]. - The overseas segment's Q4 revenue surged to 88 million RMB, a staggering increase of 469% year-on-year, driven by sales in high-margin regions like India and Brazil [4]. Profitability and Valuation - The report projects an increase in net profit for 2025 to 642.36 million RMB, representing a growth of 45.8% year-on-year, with an upward revision of profit forecasts for 2025-2027 [5]. - The company is assigned a PE ratio of 29 times for 2025, reflecting its leading position in the new energy inverter market and the growth trajectory of its engineering transmission business [5].