业绩短期承压，在手订单充沛

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.48 CNY, based on a 2024 PE of 18 times [10][11]. Core Insights - The company reported a revenue of 4.813 billion CNY in 2023, a year-on-year increase of 53.93%, and a net profit attributable to shareholders of 292 million CNY, up 6.37% year-on-year [2][3]. - The offshore wind business has shown significant growth, with revenue increasing by 173% year-on-year, while the onshore wind equipment revenue grew by 31% [3]. - The company has a strong order backlog, with total orders amounting to 4.13 billion CNY as of Q1 2024, indicating potential benefits from an improving wind power market [4][10]. Financial Performance - In Q1 2024, the company experienced a revenue decline of 18.38% year-on-year, with a net profit decrease of 39.69% [2]. - The gross margin for 2023 was 18.09%, a slight decrease of 0.28 percentage points year-on-year, while the net margin was 6.11%, down 2.53 percentage points [3]. - The company’s revenue projections for 2024-2026 are 6.278 billion CNY, 7.879 billion CNY, and 9.668 billion CNY, with growth rates of 30.45%, 25.50%, and 22.69% respectively [10]. Order Backlog and Capacity Expansion - The company has a robust order backlog, with 3.195 billion CNY in onshore wind equipment orders and 866 million CNY in offshore wind equipment orders [4]. - The company’s overseas business is expected to continue growing, with foreign orders amounting to 1.5 billion CNY as of Q1 2024 [10]. Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected to be 0.66 CNY, with a PE ratio of 12 times [10]. - The report indicates a steady decline in the PE ratio from 26.3 in 2022 to an estimated 11.8 in 2024, reflecting improved valuation as earnings grow [6][10].