Hopewind(603063) 华鑫证券·2025-03-31 15:07Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company's Q4 2024 performance showed significant improvement, with revenue reaching 1.422 billion yuan, a year-on-year increase of 25.05% and a quarter-on-quarter increase of 52.88%. Net profit attributable to shareholders was 187 million yuan, up 85.86% year-on-year and 90.04% quarter-on-quarter [5]. - The company's overseas revenue grew substantially, reaching 259 million yuan, a year-on-year increase of 122.74%, driven by breakthroughs in the wind power business in international markets [6]. - The data center power business is expected to open new growth opportunities, with ongoing innovations in high-voltage AC, high-voltage DC, and pulse power systems [7]. Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 3.733 billion yuan, a slight decline of 0.50% year-on-year. The net profit attributable to shareholders was 441 million yuan, down 12.28% year-on-year [4]. - The company's revenue from the new energy control business was 2.86 billion yuan, accounting for 76.6% of total revenue, despite a year-on-year decline of 4.79% [5]. Revenue Forecast - The company is projected to generate revenues of 4.597 billion yuan, 5.564 billion yuan, and 6.632 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.4, 1.61, and 1.91 yuan [9][11]. Profitability Metrics - The report anticipates a net profit growth rate of 43.8% in 2025, followed by 14.7% in 2026 and 18.4% in 2027 [11]. - The company's return on equity (ROE) is expected to improve from 10.0% in 2024 to 14.1% by 2027 [11]. Market Position - The company is well-positioned in the new energy control sector, with a stable revenue base and significant growth potential in overseas markets and data center power solutions [5][6][7].