Hopewind(SH:603063) Soochow Securities·2026-03-30 05:24Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 4.17 billion yuan for 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 both the new energy and transmission businesses, with the new energy control business generating 3.3 billion yuan in revenue, a 15% increase year-on-year, and the transmission business contributing 630 million yuan, a 12% 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, with overseas business revenue reaching 370 million yuan, a 42% increase year-on-year [7] - The operating cash flow for 2025 was 420 million yuan, a 52.7% increase year-on-year, indicating strong cash generation capabilities [7] Financial Projections - Total revenue projections for 2026 and 2027 are 5.13 billion yuan and 6.32 billion yuan, respectively, with corresponding net profits of 714 million yuan and 817 million yuan [1][8] - The company’s earnings per share (EPS) are projected to be 1.56 yuan in 2026 and 1.78 yuan in 2027, with a price-to-earnings (P/E) ratio of 22.11 and 19.33, respectively [1][8] - The gross margin is expected to stabilize around 38% over the next few years, with net profit margins projected at approximately 12.9% in 2027 [8]