业绩超预期，盈利表现强劲

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [5][29]. Core Insights - The company reported Q1 2024 earnings that exceeded market expectations, with a revenue of 999 million yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 63 million yuan, up 35% year-on-year [2][16]. - The company is positioned to benefit significantly from the expected increase in overseas offshore wind installations in 2025, as it is a key supplier for Siemens, a leader in the offshore wind sector [3][16]. - The company has fully launched its photovoltaic component production capacity in the U.S. in 2024, anticipating substantial growth in performance. Additionally, it has established a wholly-owned subsidiary in Saudi Arabia to expand into the Middle Eastern photovoltaic market, indicating a comprehensive overseas strategy [16]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 300 million yuan, 410 million yuan, and 540 million yuan, respectively, with corresponding EPS of 2.13 yuan, 2.87 yuan, and 3.79 yuan, reflecting year-on-year growth rates of 65%, 35%, and 32% [16][17]. - The expected revenue growth rates for 2024, 2025, and 2026 are 53%, 37%, and 26%, respectively, indicating strong revenue growth potential [17][22]. - The company’s current price is 27.56 yuan, with a target price set at 42.67 yuan, suggesting significant upside potential [18].