Hopewind(SH:603063) Soochow Securities·2026-03-30 04:14Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 4.17 billion yuan in 2025, representing a year-on-year increase of 12%, and a net profit attributable to shareholders of 531 million yuan, up 21% year-on-year [7] - The growth is driven by the dual engines of the new energy and transmission businesses, with new energy control business revenue reaching 3.3 billion yuan, a 15% increase year-on-year [7] - The company is expected to benefit from the growing demand for energy storage inverters and high-power power supply equipment related to AI [7] Financial Forecasts - Total revenue projections for 2024A to 2028E are as follows: 3.73 billion yuan in 2024, 4.17 billion yuan in 2025, 5.13 billion yuan in 2026, 6.32 billion yuan in 2027, and 7.32 billion yuan in 2028, with a compound annual growth rate (CAGR) of 15.78% from 2025 to 2028 [1][8] - Net profit attributable to shareholders is forecasted to be 531 million yuan in 2025, 714 million yuan in 2026, 817 million yuan in 2027, and 938 million yuan in 2028, reflecting a growth rate of 14.82% in 2028 [1][8] - The earnings per share (EPS) is projected to increase from 1.16 yuan in 2025 to 2.05 yuan in 2028 [1][8] Business Segments - The new energy business is expected to continue its robust growth, with significant contributions from energy storage inverters and wind power converters [7] - The transmission business reported a revenue of 630 million yuan in 2025, a 12% increase year-on-year, with a gross margin of 51.6% [7] - The company’s overseas business generated 370 million yuan in revenue, a 42% increase year-on-year, indicating strong international growth potential [7]