MYSE(601615) 长江证券·2025-05-20 10:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 27.16 billion yuan for 2024, a year-on-year decrease of 3.4%, with a net profit attributable to shareholders of 350 million yuan, down 8.1% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 7.7 billion yuan, representing a year-on-year increase of 51.8%, while the net profit attributable to shareholders was 300 million yuan, a slight decrease of 0.7% year-on-year [2][4]. - The company is expected to have a net profit of approximately 2 billion yuan in 2025, corresponding to a PE ratio of about 12 times [10]. Financial Performance Summary - For 2024, the company’s revenue from wind turbine and related parts sales was 20.8 billion yuan, a decrease of 12% year-on-year, despite a 12% increase in shipments to 10.82 GW [10]. - The revenue from wind farm generation increased by 15% year-on-year to 1.7 billion yuan, driven by an increase in operational scale [10]. - The gross margin for 2024 was approximately 8%, with a slight year-on-year decrease of 0.3 percentage points [10]. - In Q1 2025, the gross margin was 13.2%, down 3.6 percentage points year-on-year, primarily due to product mix factors [10]. - As of the end of Q1 2025, the company's contract liabilities reached 8.59 billion yuan, marking a historical high and laying a foundation for future delivery performance [10].