Hopewind(SH:603063) Guoxin Securities·2025-04-15 09:45Investment Rating - The investment rating for the company is "Outperform the Market" [6][31]. Core Views - The company's performance is driven by the implementation of a divisional reform that enhances operational efficiency and successful expansion of overseas business [4][27]. - The first quarter of 2025 saw a significant increase in revenue and net profit, with revenue reaching 770 million yuan, up 41% year-on-year, and net profit at 110 million yuan, up 90% year-on-year [9][21]. - The company is expected to benefit from the growing demand for AI computing power, which may open a second growth curve through its AIDC power equipment products [3][27]. Financial Performance Summary - In Q1 2025, the company achieved a revenue of 770 million yuan, a year-on-year increase of 41%, and a net profit of 110 million yuan, a year-on-year increase of 90% [9][21]. - For the full year of 2024, the company reported a revenue of 3.73 billion yuan, which was relatively stable year-on-year, and a net profit of 440 million yuan, down 12% year-on-year [9][21]. - The gross margin for Q1 2025 was 38.4%, a decrease of 5.6 percentage points year-on-year, while the net margin improved by 2.4 percentage points year-on-year to 13.7% [9][21]. Business Segment Performance - The company's new energy control and engineering transmission businesses reported sales of 580 million yuan and 120 million yuan in Q1 2025, representing year-on-year growth of 39% and 96%, respectively [21][23]. - The engineering transmission business is gradually gaining momentum, with a gross margin of 47.5%, an increase of 8.7 percentage points year-on-year [21][23]. - The overseas business generated revenue of 260 million yuan in 2024, a year-on-year increase of 123%, accounting for 7.1% of total revenue [23][27]. Future Earnings Forecast - The earnings forecast for 2025 has been raised to 580 million yuan, reflecting a year-on-year increase of 31.9%, with further projections of 700 million yuan for 2026 and 830 million yuan for 2027 [4][31]. - The projected revenue for 2025 is 4.23 billion yuan, with a growth rate of 13.3% compared to 2024 [30][31]. - The company is expected to maintain a PE ratio of 22.5 for 2025, decreasing to 15.7 by 2027 [4][30].