战略转型成效显著，海工和零碳业务有望持续成长

Investment Rating - The report maintains a "Recommendation" rating for the company [2][6] Core Views - The company has shown significant results from its strategic transformation, with expectations for continued growth in its offshore and zero-carbon businesses [2][4] - In 2023, the company achieved a revenue of 7.727 billion yuan, 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 [3][4] - The report highlights a clear differentiation among the company's business segments, with traditional tower and blade segments declining while the offshore and power generation segments drive growth [4][6] Financial Performance Summary - Revenue for 2023 was 7.727 billion yuan, with a projected increase to 9.498 billion yuan in 2024, representing a year-on-year growth of 22.9% [5][9] - Net profit for 2023 was 795 million yuan, expected to rise to 1.264 billion yuan in 2024, reflecting a growth rate of 58.9% [5][9] - The gross margin improved to 22.8% in 2023, with expectations to reach 23.6% in 2024 [5][9] - Earnings per share (EPS) for 2023 was 0.44 yuan, projected to increase to 0.70 yuan in 2024 [5][9] Business Segment Analysis - The traditional tower segment saw a revenue decline of 19% to 3.202 billion yuan, while the power generation segment grew by 31% to 1.246 billion yuan due to new wind farm contributions [4][6] - The offshore segment generated 1.511 billion yuan in revenue, contributing approximately 120 million yuan to net profit, indicating its potential as a core growth driver [4][6] - The zero-carbon business, with a total installed capacity of 1,383.8 MW, generated 1.25 billion yuan in revenue, showing a year-on-year increase of about 31% [6] Future Outlook - The company is expected to focus on enhancing its offshore business, with several production bases set to come online between 2024 and 2025, which will support future growth [4][6] - The report anticipates that the zero-carbon business will continue to grow, with new wind projects expected to contribute to revenue in the coming years [6][8] - Profit forecasts for 2024 and 2025 have been adjusted to 1.264 billion yuan and 1.642 billion yuan, respectively, with a new forecast for 2026 at 2.126 billion yuan [6][8]