Investment Rating - The report maintains an "OUTPERFORM" rating for the company, with a target price set at HK6.44 [2][10]. Core Insights - The financial performance of the company was slightly below market expectations, with a revenue of 50.457 billion yuan in 2023, representing an 8.66% year-on-year increase. The net profit attributable to the parent company was 1.331 billion yuan, down 44.16% year-on-year. However, profits are expected to recover in 2024 as wind turbine prices stabilize [7][10]. - The gross profit margin (GPM) for the wind turbine business improved to 6.41%, while the GPM for the wind farm development business declined significantly to 47.30%, primarily due to increased development costs [8][9]. - The company has a strong order backlog of 30.4GW, with a focus on international expansion, particularly in North America, Oceania, and Europe, as well as emerging markets [9][10]. Financial Performance Summary - Revenue for 2023 was 50,457 million yuan, with projections of 56,781 million yuan for 2024, 62,601 million yuan for 2025, and 67,388 million yuan for 2026. The net profit is expected to rise to 2,390 million yuan in 2024, 2,827 million yuan in 2025, and 2,901 million yuan in 2026 [6][10]. - The company shipped 13.8GW of wind turbines in 2023, maintaining a strong market presence with 98.9% of shipments being turbines larger than 4MW [9][10]. - The equity installed capacity of self-operated wind farms reached 7,289MW, with additional grid-connected capacity of 1,793MW [10].
业绩小幅低于市场预期，2024年盈利有望修复