JSNE(603693) 华创证券·2025-03-29 09:34Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu New Energy (603693) [1] Core Viewpoints - The report emphasizes that the offshore wind power sector is poised for significant growth, with Jiangsu New Energy being a key player in this space. The company is expected to benefit from favorable policies and market conditions as the government pushes for the development of marine economy and offshore wind projects [3][9] - The anticipated profit from the company's approved offshore wind projects is estimated to be between 400 to 600 million yuan, indicating substantial growth potential [4] - The report highlights the company's strong financial performance, with projected revenues and profits showing a positive trend over the next few years [5][10] Financial Summary - Total revenue is projected to increase from 1,946 million yuan in 2023 to 2,814 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 17.5% [5] - The net profit attributable to shareholders is expected to rise from 472 million yuan in 2023 to 758 million yuan in 2026, with a notable increase of 60.3% in 2025 [5] - Earnings per share (EPS) is forecasted to grow from 0.53 yuan in 2023 to 0.85 yuan in 2026 [5] Market and Policy Context - Recent government initiatives in Jiangsu, Shanghai, Shandong, and Guangxi emphasize the importance of offshore wind power in driving marine economic development, which is expected to create a favorable environment for companies like Jiangsu New Energy [2][3] - The report notes that the company is well-positioned to capitalize on these developments due to its status as the only provincial state-owned listed company in the renewable energy sector in Jiangsu [3]