Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected relative performance that exceeds the market by 5% to 20% [8][13]. Core Views - The wind power industry is influenced by multiple factors such as investment policies, international political relations, and industry competition, leading to short-term uncertainties. However, there is a long-term development trend in offshore wind power development, demand for large megawatt products, and operational needs for existing wind farms. The company is expected to enhance its market share by improving product integration and developing lightweight, high-corrosion-resistant products to optimize system solutions for customers [14][18]. - The company is projected to benefit from its forward-looking layout in the hydrogen storage sector, which is gradually supporting the stability of the power system. The hydrogen energy market is anticipated to grow significantly, with the company already establishing good partnerships with leading hydrogen fuel cell enterprises [16][18]. Financial Summary - For 2023, the company expects to achieve a revenue of 343 million yuan, a decrease of 2.7% year-on-year, and a net profit attributable to shareholders of 62.88 million yuan, an increase of 16.5% [17]. - The company's net profit for 2023-2025 is forecasted to be 63 million yuan, 74 million yuan, and 90 million yuan respectively, with corresponding EPS of 0.72, 0.84, and 1.02 yuan per share [17]. - The company’s gross margin is projected to recover, with an expected gross margin of 31.4% in 2023, increasing slightly in the following years [19]. Market Position - The total market capitalization of the company is approximately 11.69 billion yuan, with a circulating market value of 3.23 billion yuan. The stock has shown a high turnover rate of 790.77% over the past three months [17]. - The company’s P/E ratio is expected to decrease from 19.8 in 2023 to 13.9 in 2025, indicating a potentially attractive valuation as earnings grow [17][19].
北交所信息更新：2023年归母净利润预增16.5%，未来有望受益于氢储领域前瞻布局