Hopewind(SH:603063) KAIYUAN SECURITIES·2024-04-19 14:30Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company's gross margin continues to improve quarter-on-quarter, although profits slightly missed expectations due to the timing of order confirmations and concentrated expense recognition [4] - In 2023, the company achieved revenue of 3.75 billion yuan, a year-on-year increase of 33.6%, and a net profit attributable to shareholders of 502 million yuan, a year-on-year increase of 88.2% [4] - The company has adjusted its profit forecasts for 2024-2025, expecting net profits of 565 million yuan and 700 million yuan respectively, with an additional forecast for 2026 of 898 million yuan [4] Financial Performance Summary - Revenue for 2023 was 3.75 billion yuan, with a year-on-year growth of 33.6% [7] - Net profit attributable to shareholders for 2023 was 502 million yuan, reflecting a year-on-year increase of 88.2% [7] - The gross margin for 2023 was 35.8%, up 5.5 percentage points year-on-year, while the net margin was 13.5%, up 3.9 percentage points year-on-year [4] - For Q4 2023, revenue was 1.14 billion yuan, a quarter-on-quarter increase of 5.9% and a year-on-year increase of 7.8% [4] - The company’s financial ratios indicate a P/E ratio of 16.8 for 2023, projected to decrease to 9.4 by 2026 [7] Business Segment Performance - The renewable energy control segment generated revenue of 3 billion yuan in 2023, with a year-on-year increase of 36.1% and a gross margin of 33.2% [4] - The hydrogen energy business is expected to accelerate, with product development focused on IGBT hydrogen power supplies and integrated hydrogen production systems [4] - The engineering transmission segment achieved revenue of 480 million yuan in 2023, with a year-on-year increase of 29.8% and a gross margin of 45.6% [5]