MYSE(601615) 民生证券·2025-03-28 12:07Investment Rating - The report maintains a "Recommended" rating for the company [4][72]. Core Viewpoints - The company is positioned as a leading player in the offshore wind turbine market, entering a global expansion phase with significant growth potential [2][4]. - The domestic wind power market is experiencing robust demand, with both onshore and offshore bidding activities thriving, while onshore prices are stabilizing [2][33]. - The global offshore wind market is expected to see substantial growth, with a projected CAGR of approximately 28% from 2024 to 2028 [3][45]. Company Overview - The company, established in 2006 and headquartered in Zhongshan, Guangdong, is a global leader in wind turbine manufacturing and clean energy solutions, focusing on R&D, production, and sales of wind turbines [1][12]. - In 2024, the company ranked third in China for new installed capacity with 12.29GW and first in offshore wind with 1.76GW [1][12]. Financial Analysis - For the first three quarters of 2024, the company reported revenues of 20.24 billion yuan, a decrease of 3.44% year-on-year, and a net profit of 0.809 billion yuan, down 34.15% year-on-year [17][22]. - The company’s wind turbine manufacturing segment remains the largest revenue contributor, accounting for 77.18% of total revenue [22][28]. Growth Projections - Revenue forecasts for 2024-2026 are 280.3 billion yuan, 414.2 billion yuan, and 465.6 billion yuan, with corresponding growth rates of 1%, 48%, and 12% [4][72]. - Net profit projections for the same period are 5.29 billion yuan, 20.23 billion yuan, and 31.12 billion yuan, with growth rates of 42%, 283%, and 54% [4][72]. Market Dynamics - The domestic wind turbine market saw a total public bidding capacity of approximately 89.4GW in 2024, with onshore wind accounting for 82.0GW and offshore wind 7.4GW [2][33]. - The average bidding price for onshore wind turbines was approximately 1413 yuan/kW, while for offshore wind it was about 2723 yuan/kW [33][39]. Competitive Position - The company has a strong market position, leading in offshore wind installations with a market share of 40.9% in 2023 [57][62]. - The company has a robust order backlog, with 5.28GW of offshore wind orders in 2024, of which 3.07GW are from overseas markets [4][59]. Technological Advancements - The company has made significant investments in R&D, with a focus on large-scale wind turbine technology and supply chain management [49][54]. - The company has developed a range of innovative products, including the MySE22MW offshore wind turbine, which is currently the largest in the world [49][50]. Global Expansion - The company is actively expanding its presence in international markets, having secured orders in Europe, Japan, and South Korea [4][62]. - The company aims to achieve over 4GW of cumulative overseas wind turbine deliveries in the next three years [61].