市占率进一步提升，海外业务增长明显

Investment Rating - The report maintains a Buy rating for the company, with a target price of RMB 27.88 [1] - The sector rating is Outperform [1] Core Views - The company's market share in the wind turbine sector increased to 9.3% in 2023, up by 0.2 percentage points from the previous year [3] - Overseas revenue grew significantly by 38,836.31% in 2023, reaching RMB 310 million, with a gross margin of 22.07%, which is 5.25 percentage points higher than domestic operations [3] - The company's R&D investment reached 5.83% of revenue in 2023, supporting advancements in product development, including the launch of a 15MW onshore wind turbine [3] - Gross margin for the wind turbine business declined by 6.54 percentage points to 16.93% in 2023 due to intense price competition, but showed a recovery in Q1 2024, with a gross margin of 19.67%, up by 5.30 percentage points quarter-over-quarter [3] Financial Performance - In 2023, the company reported revenue of RMB 14,939 million, a 21.21% year-over-year increase, with net profit attributable to shareholders of RMB 2,007 million, up by 21.78% [3] - Q1 2024 saw a decline in net profit attributable to shareholders, dropping by 44.92% to RMB 266 million [3] - The company's order backlog reached 15.89GW at the end of 2023, a 71.78% increase compared to the end of 2022 [3] Valuation and Forecasts - The report adjusts the EPS forecasts for 2024-2026 to RMB 1.89, 2.13, and 2.42, respectively, down from previous estimates of RMB 1.98, 2.46, and - [3] - The P/E ratio for 2024-2026 is projected at 14.8x, 13.1x, and 11.5x, respectively [3] - Revenue growth is expected to be 12.3% in 2024, 26.9% in 2025, and 11.6% in 2026 [4] Operational Highlights - The company's gross margin for 2023 was 17.03%, a decline of 6.53 percentage points from 2022, while net margin remained stable at 13.43% [5] - In Q1 2024, the gross margin was 19.67%, down by 9.33 percentage points year-over-year, and net margin dropped to 15.38%, a decline of 15.47 percentage points [6] - The company's R&D expenses in 2023 were RMB 872 million, accounting for 5.83% of total revenue [3] Overseas Expansion - The company has established an overseas team of over 200 people, focusing on a "Chinese + local" strategy to enhance brand influence and market penetration [3] - Overseas operations contributed RMB 310 million in revenue in 2023, with a gross margin of 22.07%, significantly higher than domestic operations [3]