WHEE(SH:600475) EBSCN·2025-04-30 13:15Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is expected to achieve a revenue of 10.5 billion yuan in 2025, with a total profit of 1.15 billion yuan [2][3]. - The thermal power operation scale is steadily increasing, with a projected revenue of 10.5 billion yuan by 2025 [2][3]. - The equipment manufacturing business has shown signs of recovery, with a 20.18% year-on-year increase in revenue for 2024 [1][2]. - The company is actively expanding its thermal power generation projects, with a nearly 1.3 GW installed capacity by the end of 2024 [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 9.113 billion yuan, a decrease of 13.31% year-on-year, and a net profit of 704 million yuan, down 4.98% [1][4]. - For Q1 2025, the revenue was 1.965 billion yuan, a decline of 32.25% year-on-year, with a net profit of 129 million yuan, down 30.77% [1][2]. Business Segments - The equipment manufacturing segment's revenue increased to 1.742 billion yuan in 2024, up 20.18% year-on-year, although the gross margin decreased by 6.74 percentage points to 10.23% [1][2]. - The engineering and services segment saw a significant revenue drop of 54.42% in 2024, totaling 1.985 billion yuan, while the gross margin improved by 4.57 percentage points to 17.38% [2]. Future Outlook - The company anticipates achieving a revenue of 10.5 billion yuan in 2025, with a total profit of 1.15 billion yuan [2][3]. - The company is focusing on hydrogen energy projects and flexible coal-fired power generation technology, which are expected to contribute positively to future earnings [3][4].