Investment Rating - The report gives a "Buy" rating for the company, with a target price of 51.20 CNY per share based on a 24x PE for 2024 [27][28]. Core Insights - The company has experienced rapid revenue and profit growth due to the booming downstream renewable energy and new infrastructure sectors, achieving a revenue of 4.95 billion CNY in 2023, up 66% year-on-year, and a net profit of 500 million CNY, up 89% year-on-year [8][28]. - The company is well-positioned to benefit from the expansion of wind and solar energy capacity, with significant growth expected in offshore wind and energy storage sectors [11][28]. - The company has established long-term partnerships with major clients in the energy sector, enhancing its market share and product offerings [28][64]. Summary by Sections Basic Overview - The company focuses on the renewable energy and new infrastructure sectors, offering products such as box transformers, complete equipment, and transformers, with 83% of its revenue coming from the renewable energy sector in 2023 [28][89]. Downstream - Renewable Energy - The company anticipates continued expansion in wind and solar energy capacity, with 83% of its 2023 revenue derived from renewable sources, including 42% from solar, 28% from wind, and 14% from energy storage [28][64]. - The offshore wind market is expected to see a compound annual growth rate (CAGR) of 78% from 2024 to 2025, driven by substantial project reserves [11][115]. Product Development - The company is expanding its product range to include high-voltage equipment, with successful bids for significant offshore wind projects, including the world's first large-capacity offshore solar project [28][80]. - The company has developed integrated solutions for offshore wind and solar applications, enhancing its competitive edge in the market [28][82]. Profit Forecast and Valuation - Revenue projections for 2024-2026 are 6.41 billion CNY, 8.38 billion CNY, and 10.95 billion CNY, respectively, with net profits expected to grow to 660 million CNY, 880 million CNY, and 1.15 billion CNY [29][28]. - The company’s gross margin has stabilized and improved, reaching 22.7% in 2023, indicating strong operational efficiency [100][101].
深耕新能源与新基建变电,多产品、多场景加速布局