MYSE(601615) 民生证券·2025-03-28 12:23Investment Rating - The report maintains a "Buy" rating for the company [6][72]. Core Views - The company is positioned as a leading player in the offshore wind turbine market, with a strong focus on global expansion and a robust order backlog [2][4][72]. - The domestic and international wind power demand is on the rise, with the company expected to benefit significantly from this trend [3][72]. Summary by Sections Company Overview - The company is a global leader in wind turbine manufacturing, established in 2006, with a comprehensive focus on wind, solar, and hydrogen energy solutions [1][12]. - In 2024, the company ranked third in new installation capacity in China with 12.29GW, and first in offshore wind with 1.76GW [1][12]. Domestic Market Analysis - In the first nine months of 2024, the total public tender capacity for wind turbines in China reached approximately 89.4GW, a 63.7% increase year-on-year [2][33]. - The average bidding price for onshore wind turbines was approximately 1413 RMB/kW, showing a decrease of 7.8% [33]. International Market Analysis - Global wind power installations reached approximately 116.6GW in 2023, a 50% increase year-on-year, with expectations for continued growth in offshore wind installations [3][45]. - The company has made significant strides in international markets, securing orders in Europe, Japan, and South Korea, with a total offshore order size of approximately 5.28GW for 2024 [4][61]. Financial Forecast and Investment Recommendations - Revenue projections for the company are estimated at 280.3 billion, 414.2 billion, and 465.6 billion RMB for 2024-2026, with corresponding growth rates of 1%, 48%, and 12% [72]. - The expected net profit attributable to shareholders is projected to be 5.29 billion, 20.23 billion, and 31.12 billion RMB for the same period, with growth rates of 42%, 283%, and 54% [72]. - The report suggests that the company is well-positioned for growth, with a favorable valuation compared to peers [70][72].