GDTC(SH:688186) ZHONGTAI SECURITIES·2025-06-29 13:44Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [9]. Core Views - The company's operating indicators have shown significant improvement, driven by increased product volume and structural optimization, leading to revenue growth [3]. - The company is expected to achieve a revenue of 3,788 million in 2023, with a projected growth rate of 13% year-on-year, and is forecasted to reach 7,759 million by 2027, reflecting a compound annual growth rate [3]. - The net profit attributable to the parent company is anticipated to grow from 109 million in 2023 to 550 million by 2027, with a remarkable growth rate of 213% in 2025 [3]. - The company is benefiting from high downstream demand and capacity release, particularly in gearbox components and wind power castings, which are expected to continue driving performance in the second half of 2025 [6]. - The company is also expanding its presence in the nuclear fusion sector, with successful applications of its products in this field, which may create new growth opportunities [6]. Summary by Relevant Sections Financial Performance - The company is projected to achieve a revenue of 4,003 million in 2024, increasing to 6,107 million in 2025, with a year-on-year growth rate of 52.6% [8]. - The net profit is expected to rise from 115 million in 2024 to 359 million in 2025, with a year-on-year growth rate of 213.3% [8]. - The earnings per share (EPS) is forecasted to increase from 0.50 in 2024 to 1.56 in 2025 [8]. Market Outlook - The report highlights a strong outlook for the wind power industry, with expectations of continued growth in both onshore and offshore installations, supporting the company's performance [6]. - The company is expected to benefit from the ongoing demand in the nuclear fusion sector, which may enhance its growth trajectory [6]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 59.7 in 2023 to 11.8 by 2027, indicating an improving valuation as earnings grow [3]. - The price-to-book (P/B) ratio is expected to decline from 1.8 in 2023 to 1.4 by 2027, reflecting a strengthening financial position [3].