Investment Rating - The report assigns a "Buy" rating for the company with a target price of 78.74 CNY based on a 20x PE for 2025 [5][3]. Core Views - The company is positioned to benefit from a new cycle of demand in offshore wind energy, particularly in China and Europe, with significant growth expected in domestic offshore wind installations starting in 2025 [3][9]. - The company has a robust production capacity expansion plan, aiming to increase its annual production capacity from 1 million tons to 1.5 million tons by 2025, supported by strategic investments in various port facilities [2][3]. - The company is diversifying its product offerings to include a broader range of offshore engineering equipment, enhancing its competitive edge in the deep-sea market [2][3]. Summary by Sections Company Overview - The company has over 15 years of experience in the offshore wind component manufacturing sector and is a leading supplier in China [1][13]. - It operates under a dual strategy of "offshore + overseas," focusing on equipment manufacturing, renewable energy development, and operation and maintenance [1][13]. Market Demand - The report highlights a significant increase in offshore wind installation demand in both China and Europe, with projections indicating a 200% year-on-year increase in new installations in China by 2025 [9][35]. - In Europe, the offshore wind market is expected to see a 73% year-on-year increase in new installations in 2025, with a total of 48 GW expected from 2025 to 2030 [9][46]. Production Capacity and Expansion - The company has established multiple production bases across various provinces, with a current production capacity of 1 million tons, set to increase to 1.5 million tons by 2025 [2][3]. - The company is strategically investing in port facilities to support its export capabilities, particularly targeting the European market where there is a significant supply gap [2][3]. Financial Projections - The company is expected to see a substantial recovery in profitability, with projected net profits of 855.87 million CNY, 1.1 billion CNY, and 1.31 billion CNY for 2025, 2026, and 2027 respectively [3][4]. - The report anticipates a significant increase in revenue, with estimates of 6.58 billion CNY in 2025, reflecting a growth rate of 385.78% compared to 2024 [4][3]. Product Development - The company is expanding its product line to include a diversified range of offshore engineering equipment, moving beyond traditional wind turbine components [2][3]. - The focus on deep-sea markets is expected to drive innovation and product development, with increased R&D investment planned for 2024 [2][3].
海力风电：海风迎新一轮景气周期，深远海+出口贡献新动力-20250605