动态报告：“两海战略”稳扎稳打，全球布局渐露峥嵘

Investment Rating - The report gives a "Recommended" rating for the company, highlighting its growth potential and strategic positioning in the wind power industry [3][104]. Core Insights - The company is focusing on expanding its industrial layout while maintaining its core business in wind power equipment manufacturing. It aims to enhance its global market share through its "Dual Sea" strategy and capacity expansion [2][39]. - The company has seen a significant increase in its overseas marine engineering and domestic marine contributions, which accounted for approximately 51% of the wind power segment's revenue in 2023, up 17 percentage points from the previous year [2][78]. - The company plans to achieve a production capacity of over 3 million tons and operate more than 10 self-owned transport vessels, positioning itself as a leader in the global wind power marine equipment sector [2][39]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 4.325 billion yuan, a decrease of 15.3% year-on-year, primarily due to proactive reduction in domestic land project risks. The net profit attributable to the parent company was 425 million yuan, down 5.6% year-on-year [42][49]. - The company forecasts revenues of 5.513 billion yuan, 6.722 billion yuan, and 8.074 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 27%, 22%, and 20% [3][104]. Business Strategy - The company has been actively expanding into the offshore wind power sector since 2020, aiming to capture a leading market share in developed economies over the next 3-5 years [2][39]. - The company is also investing in wind farm development and operation, with plans to build 2 million kilowatts of new energy projects within three years [39][64]. Market Position - The company has established a strong presence in the global wind power equipment manufacturing industry, with a significant increase in export volumes and contributions to total revenue, rising from nearly 17% in 2022 to close to 40% in 2023 [2][78]. - The report indicates that the company is well-positioned to benefit from the growing demand in the wind power sector, supported by its strategic initiatives and operational capabilities [3][104].