Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.00 CNY [13][14]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 4.948 billion CNY, up 52.91% year-on-year, and net profit attributable to shareholders at 498 million CNY, up 87.67% year-on-year [2][4]. - The company is expanding its presence in the international market through partnerships with leading domestic renewable energy firms and is focusing on enhancing its overseas marketing and service capabilities [3]. - The company is advancing its product offerings in high-voltage and large-capacity equipment, with new products in the offshore wind sector expected to drive future growth [3][4]. Financial Performance Summary - For 2023, the company achieved revenue of 4.948 billion CNY, with a year-on-year growth rate of 52.91% [14]. - The company’s gross margin in the renewable energy sector improved to 22.73%, an increase of 1.52% compared to the previous year [2]. - The forecasted revenues for 2024, 2025, and 2026 are 6.720 billion CNY, 8.826 billion CNY, and 10.743 billion CNY, respectively, with corresponding growth rates of 35.80%, 31.35%, and 21.72% [4][14]. Segment Performance - In 2023, the photovoltaic segment generated revenue of 2.074 billion CNY, up 83% year-on-year, while the energy storage segment saw a remarkable increase of 237%, reaching 668 million CNY [2]. - The share of revenue from the photovoltaic segment increased from 35% in 2022 to 42% in 2023, and the energy storage segment's share rose from 6% to 13% [2]. Valuation Metrics - The company is projected to have an EPS of 2.09 CNY for 2024, with a three-year CAGR of 30.20% [4]. - The estimated P/E ratio for 2024 is 21 times, indicating a favorable valuation compared to peers [4].
业绩超预期，海风产品有望提供新动能