MYSE(SH:601615) SINOLINK SECURITIES·2025-04-28 01:23Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 being 2.18 billion, 2.68 billion, and 3.21 billion RMB respectively, corresponding to PE ratios of 11, 9, and 7 times [3][7]. Core Insights - The company reported a revenue of 27.2 billion RMB in 2024, a decrease of 3.4% year-on-year, and a net profit of 346 million RMB, down 8.1% year-on-year. However, in Q1 2025, revenue surged to 7.7 billion RMB, marking a 51.8% increase year-on-year, while net profit slightly decreased by 0.7% to 300 million RMB [2][3]. - The wind turbine manufacturing and power generation business faced profitability pressures, with wind turbine sales revenue dropping to 20.83 billion RMB, a decline of 12.4% year-on-year, and a negative gross margin of -0.46%. However, power generation revenue grew by 15.4% year-on-year, despite a decrease in gross margin by 5.86 percentage points to 57.1% [2][3]. - The company’s power station sales continued to grow, achieving approximately 2.79 billion RMB in revenue in 2024, an increase of 34.2% year-on-year, with a gross margin improvement of 12.2 percentage points to 43.2% [2]. Performance Analysis - In Q1 2025, the company benefited from accelerated deliveries, leading to a significant revenue increase and a reduction in expense ratios. The inventory turnover days and accounts receivable turnover days improved by 33 and 83 days respectively [3]. - The company is expected to see a gradual recovery in manufacturing profitability as the offshore wind projects that were previously delayed begin construction, and the bidding prices for onshore wind have stabilized over the past two quarters [3]. - The forecast for the company's operating revenue from 2025 to 2027 shows a significant recovery, with expected growth rates of 43.92%, 15.63%, and 4.16% respectively [7][9].