Hopewind(603063)2025-03-18 00:06Investment Rating - The report maintains a strong buy recommendation for the company [3]. Core Views - The company has shown a significant operational turnaround, with Q4 performance exceeding expectations, indicating a new growth phase [1][6]. - The wind power solutions segment is expected to benefit from rapid industry growth, while the solar and energy storage sectors have demonstrated strong competitiveness in the market [1][20]. - The large drive business is expanding, moving from domestic applications to international markets, indicating potential for substantial growth [1][20]. - New business initiatives, including data centers and innovative drive technologies, are beginning to yield results [1][36]. Financial Data and Valuation - Total revenue for 2023 is projected at 3,752 million, with a slight decrease to 3,733 million in 2024, followed by a significant increase to 4,905 million in 2025, reflecting a 31% growth [2]. - Operating profit is expected to rise from 572 million in 2023 to 832 million in 2025, marking a 58% increase [2]. - Net profit attributable to shareholders is forecasted to grow from 502 million in 2023 to 697 million in 2025, also a 58% increase [2]. - The company’s PE ratio is projected to decrease from 30.8 in 2023 to 22.2 in 2025, indicating improved valuation metrics [2]. Business Performance - The company achieved a record high in Q4 2024, with revenue of 1.42 billion, a year-on-year increase of 25.1% [9]. - The renewable energy control business, the largest segment, reported revenue of 2.86 billion in 2024, despite a slight decline of 4.8% year-on-year [20]. - The large drive segment generated 562.2 million in revenue in 2024, reflecting a 16.8% increase [20]. New Business Development - The company is advancing in new business areas, including large-capacity power supplies and energy quality solutions, with products already being deployed in overseas markets [36]. - The data center segment is expected to grow rapidly, capitalizing on the global shift towards increased power demands in ICT devices [36][39]. Management and Human Resources - The company has expanded its workforce from 1,855 in 2022 to 2,486 in 2024, indicating growth in human resources to support business expansion [15]. - A significant management restructuring has occurred, introducing a younger leadership team to enhance operational vitality [43].