Investment Rating - The report assigns a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market over the next six months [31]. Core Insights - The company has experienced rapid growth, with revenue increasing from 390 million in 2019 to 4.95 billion in 2023, representing a CAGR of 88.7% from 2020 to 2023. The net profit attributable to shareholders rose from -80 million in 2019 to 500 million in 2023, with a year-on-year growth of 87.9% in 2023 [13][21]. - The company's revenue structure is primarily driven by box-type substations, which accounted for 69.9% of total revenue in 2023, with a year-on-year growth of 75.3%. Transformers also showed significant growth, with a 54.6% increase in revenue [21][26]. - The company benefits from a strong technical platform and is well-positioned to capitalize on the increasing demand for offshore wind installations and international market expansion, particularly in countries along the Belt and Road Initiative [21][31]. Summary by Sections Financial Performance - The company achieved a gross margin of 22.7% in 2023, up 1.5 percentage points year-on-year, and a net profit margin of 10.1%, an increase of 1.9 percentage points [19]. - Revenue from box-type substations reached 3.46 billion in 2023, while transformers generated 690 million, reflecting strong demand in the renewable energy sector [21][26]. Revenue Forecast - The report forecasts that revenue from box-type substations will grow at rates of approximately 32%, 26%, and 20% from 2024 to 2026, respectively. For transformers, expected growth rates are 45%, 46%, and 20% over the same period [26]. Valuation - The report compares the company to leading firms in the transformer industry, suggesting a reasonable valuation based on a PE ratio of 25 times for comparable companies in 2024 [31]. Shareholding Structure - The company has a concentrated shareholding structure, with the largest shareholder holding 44.02% of the shares, indicating a strong control by the founding members [21].
2023年年报点评：下游需求高景气，“海上+出海”双轮驱动