Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 7.4 billion, 10.7 billion, and 12.1 billion respectively, corresponding to PE ratios of 18, 13, and 11 [4]. Core Insights - The company reported a revenue of 1.35 billion in 2024, a year-on-year decline of 19.6%, but achieved a net profit of 0.66 billion, marking a return to profitability [2]. - In Q1 2025, the company saw a significant revenue increase of 251% year-on-year, reaching 4.36 billion, although net profit decreased by 13.3% to 0.64 billion [2]. - The overall demand for offshore wind in China was below expectations in 2024, leading to a slight decline in overall shipments and a decrease in gross margin by approximately 2.1 percentage points [2]. - The company is expected to benefit from an increase in project deliveries, with a gross margin of approximately 15.05% in Q1 2025, up about 10 percentage points year-on-year [3]. - The company has established multiple production bases across key regions, positioning itself to fully benefit from the growth in the domestic offshore wind sector [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 1.35 billion, down 19.6% year-on-year, while net profit was 0.66 billion, returning to positive figures [2]. - Q1 2025 revenue reached 4.36 billion, a 251% increase year-on-year, but net profit fell 13.3% to 0.64 billion [2]. Operational Analysis - The offshore wind demand in China was lower than expected in 2024, impacting overall shipments and leading to a decline in gross margin [2]. - The company’s revenue from pile foundations decreased by 22.7% to approximately 0.85 billion, with a gross margin of 4.29%, down 6.0 percentage points [2]. - The tower business generated 3.2 billion in revenue, down 18.7%, but gross margin improved by 4.38 percentage points to 7.9% [2]. - The company’s revenue from the guide frame business increased by 6.8% to 1.37 billion, with a gross margin of 4.79%, up 10.28 percentage points [2]. Profit Forecast and Valuation - The forecast for net profit from 2025 to 2027 is 7.4 billion, 10.7 billion, and 12.1 billion, with corresponding PE ratios of 18, 13, and 11 [4].
海力风电（301155）：业绩拐点确立，弹性释放可期