Hopewind(SH:603063) Huajin Securities·2024-04-21 07:00Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for future performance [13][22]. Core Views - The company is a leader in the high-power variable frequency drive sector and has made significant breakthroughs in wind power converters, photovoltaic inverters, and hydrogen power sources, benefiting from the synergistic development of wind and solar energy [13][22]. - The report slightly lowers the earnings forecast due to increasing competition in the renewable energy sector, projecting net profits for 2024-2026 to be 630 million, 774 million, and 914 million yuan respectively, with corresponding P/E ratios of 13.4, 10.9, and 9.2 times [13][14]. Financial Summary - The company achieved a revenue of 3.752 billion yuan in 2023, a year-on-year increase of 33.56%, with a net profit of 502 million yuan, up 88.18% year-on-year [22]. - The gross profit margin for the renewable energy control and engineering transmission businesses was 33.24% and 45.57% respectively, reflecting improvements in profitability [22]. - The company’s R&D expenses reached 322 million yuan in 2023, a 52.81% increase year-on-year, ensuring continued technological advantages [22]. Performance Metrics - The projected revenue for 2024 is 4.65 billion yuan, with a year-on-year growth rate of 23.9% [14]. - The report indicates an expected EPS of 1.42 yuan for 2024, with a projected net profit margin of 13.6% [14]. - The company’s return on equity (ROE) is forecasted to be 13.5% in 2024, indicating strong profitability [14].