Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The manufacturing sector's profit has turned positive, and there is optimism regarding the continued recovery of profitability [5] - The company achieved a revenue of 56.699 billion RMB in 2024, representing a year-on-year growth of 12.4%, and a net profit attributable to shareholders of 1.86 billion RMB, up 39.8% year-on-year [7] - The company maintains its leading market share in the global wind power equipment sector, with a sales capacity of 16.05 GW, a year-on-year increase of 16.6% [7] - The average selling price of wind power equipment has slightly increased, with a sales price of 2,425 RMB/kW, up 33 RMB/kW year-on-year [7] - The company expects net profits for 2025-2027 to be 2.58 billion, 3.33 billion, and 3.88 billion RMB respectively, with growth rates of 38.4%, 29.2%, and 16.5% [7] Financial Summary - The company's total market capitalization is approximately 20.914 billion HKD, with a closing price of 4.95 HKD [3] - The company's debt-to-asset ratio stands at 73.96% [3] - The projected revenue for 2025 is 72.661 billion RMB, with a year-on-year growth rate of 28.6% [6] - The projected net profit for 2025 is 2.575 billion RMB, with a year-on-year growth rate of 38.4% [6] - The company’s return on equity (ROE) is expected to improve from 3.5% in 2023 to 7.9% in 2027 [6]
金风科技（02208）：制造板块利润总额转正，看好盈利能力继续修复