WHEE(600475) Huaan Securities·2025-05-28 03:19Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant decline in performance due to pressure on engineering business, while hydrogen energy orders have achieved breakthroughs [4][5] - The company expects net profits attributable to shareholders to be 8.19 billion, 9.00 billion, and 10.08 billion for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 11x, 10x, and 9x [5] Financial Performance Summary - In 2024, the company achieved revenue of 91.13 billion, a year-on-year decrease of 13.31%, with a net profit attributable to shareholders of 7.04 billion, down 4.98% year-on-year [7] - For Q1 2025, the company reported revenue of 19.65 billion, a year-on-year decline of 32.25%, and a net profit of 1.29 billion, down 30.77% year-on-year [7] - The gross margin for 2024 was 19.18%, which improved by 0.86 percentage points year-on-year [7] Business Outlook - The hydrogen energy sector is expected to become a new growth point, with the company launching a 1500Nm3/h alkaline electrolyzer product and completing a 500MW hydrogen production equipment production base [7] - The company has secured significant orders, including a 2×100Nm³/h order from Shanghai Lianfeng and part of the world's largest green hydrogen ammonia integrated project [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 97.46 billion, 107.61 billion, and 119.30 billion respectively, with expected year-on-year growth rates of 6.9%, 10.4%, and 10.9% [8] - The net profit attributable to shareholders is projected to grow to 8.19 billion in 2025, 9.00 billion in 2026, and 10.08 billion in 2027, with corresponding net profit growth rates of 16.2%, 9.9%, and 12.0% [8]