Hopewind(603063) 华金证券·2025-03-18 15:44Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a significant increase in Q4 2024 performance, with revenue reaching 1.422 billion yuan, a year-on-year increase of 25.05% and a quarter-on-quarter increase of 52.88% [4][5] - The company's annual revenue for 2024 was 3.733 billion yuan, a slight decrease of 0.50% year-on-year, while the net profit attributable to shareholders was 441 million yuan, down 12.28% year-on-year [4][5] - The Q4 net profit was 187 million yuan, showing a remarkable year-on-year increase of 85.86% and a quarter-on-quarter increase of 90.04% [4][5] - The company is experiencing a turnaround in profitability driven by overseas expansion and management reforms, despite overall industry demand decline [4][5] Financial Performance - The company achieved overseas revenue of 259 million yuan in 2024, a year-on-year increase of 122.74%, with a gross margin of 54.24% [4][5] - The gross margin for Q4 was 38.49%, higher than the annual gross margin of 37.86% [4][5] - The company expects net profits for 2025, 2026, and 2027 to be 614 million, 702 million, and 810 million yuan respectively, with corresponding EPS of 1.36, 1.56, and 1.80 yuan per share [5][6] Business Segments - The company is focusing on the synergy between wind, solar, and hydrogen energy, with significant growth in its engineering transmission business [4][5] - The data center power supply segment is being developed to meet the explosive demand driven by AI technology, with plans to innovate in high-capacity and multifunctional power systems [4][5] Market Position - The company maintains a strong market position in the wind power sector, with stable domestic market share and breakthroughs in overseas markets [4][5] - The company has made significant advancements in the hydrogen energy sector, particularly in high-power IGBT hydrogen production power supplies [4][5]