Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The demand in the wind power sector is robust, with energy storage, hydrogen energy, and data center liquid cooling identified as significant new growth points for the future [3] - The company is expected to see a revenue increase of approximately 50% in the wind power sector for 2025, with stable growth in lithium battery waste heat recovery and engineering machinery sectors [3] - Emerging businesses, particularly in data center liquid cooling, are projected to double their revenue, contributing to the company's future growth [3] - The report maintains previous profit forecasts, estimating net profits for 2025-2027 at 0.434 billion, 0.609 billion, and 0.799 billion respectively, with corresponding P/E ratios of 90, 64, and 49 [3] Financial Summary - Total revenue for 2023 is projected at 3.4338 billion, with a year-on-year change of -2.71% [1] - The net profit attributable to shareholders for 2023 is estimated at 626.1 million, reflecting a year-on-year increase of 16.01% [1] - The latest diluted EPS for 2023 is expected to be 0.72 yuan per share, with a P/E ratio of 62.07 [1] - The company anticipates a total revenue of 4.5416 billion in 2025, representing a year-on-year growth of 30.82% [1] - The net profit attributable to shareholders for 2025 is projected at 434.1 million, with a year-on-year growth of 45.63% [1]
方盛股份（832662）：风电需求旺盛推动营收增长，储能、数据中心液冷及氢能为新增长极