MYSE(SH:601615) SINOLINK SECURITIES·2026-01-28 14:44Investment Rating - The report maintains a "Buy" rating for the company, indicating strong confidence in its future performance [4]. Core Views - The company is positioned as a leading domestic offshore wind turbine manufacturer, with a three-pronged logic supporting its performance growth: short-term price recovery in onshore wind, mid-term acceleration in offshore wind project development, and long-term expansion into the European market [15][17]. - The acquisition of Zhongshan Dehua Chip, a satellite energy system manufacturer, is expected to enhance the company's capabilities in space photovoltaic technology, further diversifying its energy solutions [3][70]. Summary by Sections Section 1: Domestic Offshore Wind Leader - The company ranks among the top four in domestic wind turbine installation market share from 2022 to 2024, with a leading position in offshore wind turbine technology and geographical layout [15][17]. - Short-term, the recovery in onshore wind turbine prices is expected to release profit elasticity, with a projected increase of over 10% in the average bidding price for onshore wind turbines in 2025 [20][25]. - Mid-term, the acceleration of offshore wind project development, particularly in regions like Zhejiang and Shanghai, is anticipated to drive growth in the company's offshore wind business [39][40]. - Long-term, the company aims to capitalize on the growing European offshore wind market, with expectations of significant demand growth and a strategic investment plan to establish a manufacturing base in Scotland [49][66]. Section 2: Satellite Energy System Manufacturer - The company plans to acquire 100% of Zhongshan Dehua Chip, which specializes in flexible space solar cell chips and systems, enhancing its position in the space energy sector [3][70]. - Dehua Chip's technology advancements, particularly in gallium arsenide solar cells, are expected to provide a competitive edge in the satellite energy market [76][81]. - The company's strategic focus on third-generation photovoltaic technology and space energy systems has been in place since 2013, indicating a long-term commitment to innovation in this field [71]. Section 3: Profit Forecast and Valuation - The company is projected to achieve revenues of 37.4 billion, 42.7 billion, and 46.4 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.02 billion, 2.21 billion, and 3.14 billion RMB [4][9]. - The expected earnings per share (EPS) for the same years are 0.45, 0.98, and 1.39 RMB, reflecting strong growth potential driven by domestic and international market dynamics [4][9].