CRUN(SZ:002272) Huaxin Securities·2024-04-28 09:30Investment Rating - The report assigns a "Buy" investment rating to the company, indicating a positive outlook for its stock performance over the next 12 months [15][22]. Core Insights - The company is positioned to benefit from the upcoming wind power cycle and has diversified its business into hydraulic lubrication systems, which are essential for the low-carbon development strategy [15][22]. - The wind power market is experiencing a recovery, with significant growth in installed capacity expected in 2024 and 2025, particularly in offshore wind projects [15][22]. - The company is actively expanding into energy storage and data center liquid cooling businesses, which are anticipated to provide new revenue growth points [15][22]. Summary by Sections Company Overview - The company has over 30 years of experience in hydraulic lubrication systems and has established itself as a leader in the industry, holding a 30% market share in the global wind power sector [15][22]. Market Performance - In 2023, the cumulative installed wind power capacity in China reached approximately 441 million kilowatts, a year-on-year increase of 20.7% [15][22]. - The company’s products are crucial for the new generation of offshore wind turbines, which are expected to see a 30% increase in installed capacity in 2024 [15][22]. Financial Projections - The company forecasts revenues of 1.87 billion, 2.13 billion, and 2.45 billion yuan for 2023, 2024, and 2025, respectively, with an expected EPS of -0.13, 0.05, and 0.10 yuan [17][22]. - The projected growth rates for revenue are 10.0%, 14.1%, and 14.9% for the years 2023, 2024, and 2025 [17][22]. Investment Opportunities - The company is set to benefit from the increasing demand for energy storage solutions and data center cooling products, with an expected additional revenue of 390 million yuan from these segments [22].