Investment Rating - The investment rating for the company is "Outperform" with a target price indicating a potential upside of 5% to 20% [9][24]. Core Views - The company is expected to benefit from high demand in marine engineering and wind power sectors, supported by government policies promoting equipment upgrades and renewable energy projects [3][11]. - The company has plans to establish subsidiaries in Guangdong and Hong Kong to expand its regional presence and enhance its international business opportunities [2][16]. - The financial outlook is positive, with projected revenue growth and profitability driven by stable order increases in various product lines, including energy and marine engineering products [15][16]. Financial Summary - Revenue is projected to grow from 508 million yuan in 2023 to 885 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 21.6% [4]. - Net profit is expected to increase from 61 million yuan in 2023 to 102 million yuan in 2026, with a corresponding EPS growth from 0.83 yuan to 1.39 yuan [4][15]. - The company's gross margin is forecasted to improve slightly from 29.8% in 2023 to 30.5% in 2026, while the net margin is expected to remain stable around 11.4% to 11.5% [4][15]. Industry Outlook - The marine engineering and wind power sectors are anticipated to experience accelerated growth from 2024 to 2025, driven by easing restrictions and supportive government policies [3][11]. - The wind power sector alone saw a cumulative installed capacity exceeding 400 GW in 2023, with new installations reaching 75.90 GW, indicating a robust growth trajectory [3].
北交所信息更新：PCTC等海洋工程风机需求高增，粤、港子公司布局加速配套全球