风电项目获批，盈利弹性陡增

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 15% within the next 6 to 12 months [17][20]. Core Insights - The company is set to enhance its green energy ratio and actively respond to the "Carbon Border Adjustment Mechanism" (CBAM), with plans to increase overseas revenue from approximately 25% to over 40% in the next 3 to 5 years [2]. - The approval of a 200MW distributed wind power project is expected to significantly reduce electricity costs from 0.72 CNY/kWh to 0.267 CNY/kWh, potentially increasing profits by 227 million CNY annually [3][4][15]. - The company aims to achieve a production capacity of 1 million tons by 2025, leading to an annual electricity consumption exceeding 1 billion kWh, highlighting the importance of the wind power project for cost savings [15]. Financial Projections - The projected operating revenues for 2023, 2024, and 2025 are 6.07 billion CNY, 6.64 billion CNY, and 7.14 billion CNY respectively, with net profits expected to be 1.13 billion CNY, 1.93 billion CNY, and 3.54 billion CNY [17][19]. - The report indicates a significant improvement in profit margins, with net profit margins projected to rise from -5.2% in 2022 to 5.3% in 2025 [19]. - The earnings per share (EPS) are forecasted to recover from -0.75 CNY in 2022 to 1.04 CNY by 2025, reflecting a strong turnaround in profitability [19].