海外订单增长亮眼，收入结构有望改善

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - The company achieved a revenue of 4.813 billion RMB in 2023, representing a year-on-year growth of 53.9%, while the net profit attributable to shareholders was 292 million RMB, up 6.4% year-on-year [7]. - In Q1 2024, the company reported a revenue of 657 million RMB, a decline of 18.4% year-on-year, and a net profit of 55 million RMB, down 39.7% year-on-year [7]. - The company has a robust order backlog, with new overseas orders increasing by 298% in Q1 [7]. - The company's gross margin for 2023 was 18.1%, with significant improvements in overseas business gross margins [7]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 48.13 billion RMB, with a gross margin of 18.1% [7]. - The revenue growth rate for 2023 was 53.9%, while the net profit growth rate was 6.4% [12]. - The forecast for net profit is adjusted to 611 million RMB for 2024, 846 million RMB for 2025, and 979 million RMB for 2026, with corresponding P/E ratios of 11, 8, and 7 times [8]. Business Segments - The land wind equipment segment generated 34.9 billion RMB in revenue, growing by 31.1% year-on-year, with a gross margin of 19.0% [7]. - The marine business segment saw a revenue increase of 173.3% year-on-year, reaching 10.8 billion RMB, with a gross margin of 10.1% [7]. - The company’s domestic business gross margin was 13.5%, while the overseas business gross margin was significantly higher at 29.3% [7]. Order Backlog and Production Capacity - As of Q1 2024, the company had an order backlog of 4.13 billion RMB, with a year-on-year increase of 15% [7]. - The newly established factory in Yangzhou is ramping up production, targeting high-margin overseas markets with an annual capacity of 250,000 tons [7].