Hopewind(603063) 民生证券·2025-03-18 01:50Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 3.733 billion yuan in 2024, which is approximately flat year-on-year, and a net profit attributable to shareholders of 441 million yuan, down 12.28% year-on-year. In Q4 2024, the company reported a revenue of 1.422 billion yuan, representing a 25.05% year-on-year increase, and a net profit of 187 million yuan, up 85.86% year-on-year and 90.04% quarter-on-quarter [1]. - The company's gross margin improved to 37.86%, an increase of 2.1 percentage points year-on-year, while the net profit margin decreased by 1.16 percentage points to 12.31% [1]. - The company is focusing on its strengths in the wind power converter market and is expanding its business in photovoltaic, transmission, energy storage, and SVG-related sectors [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.733 billion yuan, with a growth rate of -0.5%. The net profit attributable to shareholders was 441 million yuan, with a growth rate of -12.28%. The projected revenues for 2025 and 2026 are 4.735 billion yuan and 5.690 billion yuan, respectively, with growth rates of 26.8% and 20.2% [5][10]. - The company’s gross margin for 2024 was 37.86%, with a projected decline to 37.11% in 2025 and further to 37.05% in 2026 [11]. Business Segments - In the renewable energy sector, the company’s revenue from the electric control segment was 2.86 billion yuan in 2024, down 5% year-on-year, but the gross margin improved to 33.67% [2]. - The transmission business segment achieved a revenue of 562 million yuan in 2024, a 17% increase year-on-year, with a gross margin of 44.46%, down 1.11 percentage points [3]. Future Outlook - The company is expected to see revenue growth from 2023 to 2025, with projected revenues of 4.735 billion yuan in 2025 and 6.842 billion yuan in 2027, corresponding to growth rates of 26.8% and 20.3% [4][10]. - The net profit attributable to shareholders is projected to increase to 619 million yuan in 2025 and 904 million yuan in 2027, with growth rates of 40.6% and 21.0% respectively [4][10].