大兆瓦铸造能力领先，布局锻件新产能基地

Investment Rating - The investment rating for the company is "Buy" based on its performance and growth potential [4]. Core Views - The company achieved a revenue of 1.946 billion yuan in 2023, representing a year-on-year growth of 7.4%. The gross margin was 33%, an increase of 3.1 percentage points compared to 2022 [4]. - The net profit attributable to the parent company for 2023 was 412 million yuan, reflecting a growth of 16.8% [4]. - The company is expanding its production capacity in the wind power sector, with significant projects underway, including a new high-end transmission equipment industrial park [4]. Financial Summary - Total Revenue: - 2022: 1,812 million yuan - 2023: 1,946 million yuan - 2024E: 2,471 million yuan - 2025E: 3,405 million yuan - 2026E: 3,945 million yuan - Year-on-Year Growth: 9.7% in 2022, 7.4% in 2023, 27.0% in 2024E, 37.8% in 2025E, 15.9% in 2026E [6]. - Net Profit: - 2022: 352 million yuan - 2023: 412 million yuan - 2024E: 535 million yuan - 2025E: 724 million yuan - 2026E: 819 million yuan - Year-on-Year Growth: -29.0% in 2022, 16.8% in 2023, 29.9% in 2024E, 35.4% in 2025E, 13.0% in 2026E [6]. - Gross Margin: - 2022: 30.0% - 2023: 33.0% - 2024E: 33.2% - 2025E: 32.9% - 2026E: 32.8% [6]. - Return on Equity (ROE): - 2022: 9.8% - 2023: 6.7% - 2024E: 8.0% - 2025E: 9.8% - 2026E: 10.0% [6]. - Earnings Per Share (EPS): - 2022: 1.08 yuan - 2023: 1.27 yuan - 2024E: 1.64 yuan - 2025E: 2.23 yuan - 2026E: 2.52 yuan [6]. - Price-to-Earnings Ratio (P/E): - 2022: 16.20 - 2023: 13.86 - 2024E: 10.67 - 2025E: 7.88 - 2026E: 6.97 [6]. - Price-to-Book Ratio (P/B): - 2022: 1.58 - 2023: 0.93 - 2024E: 0.86 - 2025E: 0.77 - 2026E: 0.70 [6].