2024年海风建设高确定，桩基龙头乘风起

Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Views - The company achieved a revenue of 7.727 billion yuan in 2023, representing a year-on-year increase of 14.67%, and a net profit attributable to shareholders of 795 million yuan, up 26.53% year-on-year [1][3]. - The company is positioned as a leader in the offshore wind foundation sector, with significant capacity expansion in both domestic and European markets, aiming to exceed 2.5 million tons of production capacity [1][2]. - The offshore wind power market is expected to see accelerated project approvals and construction in Guangdong and Europe, with the company poised to benefit from these developments [2][3]. Financial Performance - In 2023, the company's gross margin was 22.81%, and net margin was 10.12%, showing improvements of 3.83 percentage points and 0.98 percentage points year-on-year, respectively [1]. - The company forecasts net profits of 1.342 billion yuan, 1.855 billion yuan, and 2.505 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13.9, 10.1, and 7.4 [3][7]. - The company’s revenue is projected to grow significantly, with estimates of 10.738 billion yuan in 2024, 16.722 billion yuan in 2025, and 23.36 billion yuan in 2026, reflecting growth rates of 39.0%, 55.7%, and 39.7% respectively [7][13]. Strategic Developments - The company has established a strong production base in Jiangsu and southern China, with ongoing construction of additional facilities in Europe, aiming to capture a significant share of the global offshore wind market [1][2]. - The company is focusing on new materials and technologies, with a recent contract for the construction of a large ground-effect vehicle, marking a significant breakthrough in its new materials strategy [2][3].