海力风电（301155）：中标深远海导管架订单，深度受益两海风电建设

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company recently signed a sales contract to sell wind turbine foundation caissons and related components, with a total contract value (including tax) of 1.085 billion yuan. Over the past twelve months, the company has signed multiple contracts with the same client for the same domestic deep-sea project, totaling 1.692 billion yuan [1] - The company is expected to benefit significantly from the deep-sea wind power construction, as the recent order marks the beginning of its deep-sea wind power project orders. The unit price of deep-sea caisson orders is anticipated to be higher than that of general pipe piles, which will effectively support the company's earnings elasticity [8] - The report indicates a clear turning point for offshore wind power, with a strong necessity for accelerated construction in Europe and a clear plan for deep-sea wind power development in China, aiming for an installed capacity of over 100 million kilowatts by the end of the 14th Five-Year Plan [8] Financial Data and Earnings Forecast - Total revenue forecast for 2024 is 1,355 million yuan, with a projected growth rate of -19.6%. By 2025, revenue is expected to rise to 4,640 million yuan, reflecting a growth rate of 242.6%. The forecast for 2026 and 2027 is 7,130 million yuan and 8,454 million yuan, respectively [2] - The net profit attributable to the parent company is forecasted to be 66 million yuan in 2024, increasing to 366 million yuan in 2025, and further to 892 million yuan and 1,292 million yuan in 2026 and 2027, respectively [2] - The report projects earnings per share (EPS) of 0.30 yuan in 2024, increasing to 1.68 yuan in 2025, and reaching 4.10 yuan and 5.94 yuan in 2026 and 2027, respectively [2] - The report also notes a decrease in profit forecasts for 2025-2027 due to lower-than-expected domestic offshore wind installations, with revised net profit estimates of 366 million yuan, 892 million yuan, and 1,292 million yuan for 2025, 2026, and 2027, respectively [8] Market Data - As of March 23, 2026, the closing price of the company's stock was 86.88 yuan, with a price-to-earnings (PE) ratio of 52 for 2025, 21 for 2026, and 15 for 2027 [3][9] - The company has a market capitalization of 10,717 million yuan and a price-to-book (PB) ratio of 3.3 [3]