GOLDWIND(SZ:002202) Soochow Securities·2024-03-30 16:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 50.46 billion yuan in 2023, an increase of 8.66% year-on-year, while the net profit attributable to shareholders was 1.33 billion yuan, a decrease of 44.16% year-on-year [2][11] - The company expects wind turbine shipments to reach 18-20 GW in 2024, representing a growth of over 12% compared to 2023 [3][14] - The company is focusing on the development of larger wind turbine models, with the 6MW+ model accounting for 59% of Q4 sales [3][14] Summary by Sections Financial Performance - In 2023, total revenue was 50.46 billion yuan, with a net profit of 1.33 billion yuan, reflecting a significant decline in profitability [2][11] - The gross margin for 2023 was 17.1%, a decrease of 0.5 percentage points from the previous year [11] - Q4 2023 revenue was 21.14 billion yuan, up 4.3% year-on-year, and net profit was 0.07 billion yuan, up 278% year-on-year [11] Wind Turbine Sales and Orders - The company sold 13.8 GW of wind turbines in 2023, slightly exceeding expectations, with Q4 sales of 4.9 GW [3][14] - The total order volume as of Q4 2023 was 30.4 GW, with a slight decrease of 4% from the previous quarter [14] Wind Farm Development - Revenue from wind farm investment and development reached 10.9 billion yuan in 2023, an increase of 58% year-on-year [15] - The company expects revenue from productized power station products to exceed 10 billion yuan in 2024 [15] Service and Other Business Segments - Revenue from wind power services was 5.24 billion yuan in 2023, a decrease of 7%, while after-sales service revenue increased by 23% [4][15] - The company achieved a breakthrough in energy storage, establishing a production capacity of 3 GWh [4][15] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted downwards, with expected net profits of 1.51 billion yuan, 1.83 billion yuan, and 2.02 billion yuan respectively [16] - The corresponding P/E ratios for 2024-2026 are projected to be 21, 17, and 16 times [16]