WHEE(SH:600475) GOLDEN SUN SECURITIES·2025-04-30 06:23Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to benefit from the dual momentum of hydrogen production and flexible transformation of thermal power, supporting rapid development [5]. - The company reported a revenue of 9.113 billion yuan in 2024, a year-on-year decrease of 13.31%, and a net profit of 704 million yuan, down 4.98% year-on-year [1][6]. Financial Performance - In 2024, the company's revenue from power station engineering dropped significantly by 70.08% to 675 million yuan due to price fluctuations in photovoltaic components and increased uncertainty in project returns [2]. - The environmental operation services generated revenue of 638 million yuan, an increase of 5.50% year-on-year, while thermal power operations saw a total heat sale of 9.7132 million tons, up 18.76% year-on-year [3]. - The equipment manufacturing segment achieved a revenue of 1.742 billion yuan, a year-on-year increase of 20.18%, driven by the development of high-end environmental boiler markets [3]. Future Projections - The company is projected to achieve net profits of 801 million yuan, 935 million yuan, and 1.051 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.84, 0.98, and 1.10 yuan per share [5][6]. - The report anticipates a revenue growth rate of 12.1% in 2025, followed by 11.8% in 2026 and 13.8% in 2027 [6]. Orders and Projects - The company has secured a significant order for hydrogen production equipment and is involved in the world's largest integrated green hydrogen project [4]. - As of the end of 2024, the company had a total order backlog of 11 billion yuan for traditional power station engineering, with a notable increase in orders for environmental boiler equipment [3][4].