Dongguan Securities·2025-04-29 06:44Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [2][8]. Core Insights - The company's wind turbine business shows improved profitability, with a record high backlog of orders. The 2024 annual report and the 2025 Q1 report highlight significant growth in revenue and net profit [2][6]. - In 2024, the company achieved a revenue of 566.99 billion yuan, a year-on-year increase of 12.37%, and a net profit attributable to shareholders of 18.60 billion yuan, up 39.78% year-on-year. For Q1 2025, revenue reached 94.72 billion yuan, reflecting a 35.72% year-on-year growth, with net profit increasing by 70.84% to 5.68 billion yuan [6][9]. - The company's gross margin for 2024 was 13.80%, a decrease of 3.34 percentage points, while the net margin improved by 0.25 percentage points to 3.27% [6]. Summary by Sections Financial Performance - The company reported a total revenue of 566.99 billion yuan in 2024, with a net profit of 18.60 billion yuan, and for Q1 2025, revenue was 94.72 billion yuan with a net profit of 5.68 billion yuan [6][9]. - The gross margin for 2024 was 13.80%, and the net margin was 3.27% [6]. Order Backlog and Sales - The company achieved a record high order backlog of 47.4 GW by the end of 2024, with external orders accounting for approximately 45.1 GW [6]. - The sales of wind turbines and components contributed 68.65% to total revenue in 2024, with a significant increase in the sales capacity of large wind turbines [6]. International Business and R&D - The international business generated revenue of 120.08 billion yuan in 2024, a year-on-year increase of 53.14%, with a gross margin of 13.84% [6]. - R&D investment reached 28.03 billion yuan in 2024, representing 4.94% of total revenue, aimed at enhancing technological and product competitiveness [6].