强化海工产能布局，积极拓展新业务领域

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company has shown a significant increase in revenue and profit, with a 2023 revenue of RMB 77.27 billion, up 14.67% year-on-year, and a net profit of RMB 7.95 billion, up 26.53% year-on-year [4][6] - The company is expanding its offshore engineering capacity and diversifying into new business areas, including new materials and technologies [4][5] - The acquisition of Jiangsu Changfeng has started to contribute to revenue, with offshore products generating RMB 15.11 billion in revenue in 2023 [4][5] - The company is strategically reducing its focus on tower and blade businesses to prioritize high-quality development, resulting in a decrease in revenue but an increase in profitability [4][5] - The wind power generation business is performing well, with a capacity of 1,383.8 MW and revenue of RMB 12.46 billion, up 30.55% year-on-year [4][5] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of RMB 77.27 billion, with a net profit of RMB 7.95 billion, reflecting a year-on-year growth of 14.67% and 26.53% respectively [4][6] - The first quarter of 2024 saw a net profit of RMB 1.48 billion, down 24.83% year-on-year but up 97.06% quarter-on-quarter [4][7] Business Expansion - The company has successfully acquired Jiangsu Changfeng, contributing RMB 15.11 billion in revenue from offshore products in 2023 [4][5] - The company is expanding its offshore engineering production capacity, with four production bases already operational and additional capacities under construction [4][5] Strategic Focus - The company is shifting its focus from expanding scale to high-quality development, leading to a decrease in revenue from tower and blade products but an increase in profitability [4][5] - The wind power generation segment has shown strong growth, with significant increases in both capacity and revenue [4][5] Valuation - The report adjusts the earnings per share forecast for 2024-2026 to RMB 0.83, RMB 1.12, and RMB 1.52 respectively, with corresponding price-to-earnings ratios of 12.5, 9.3, and 6.8 [4][5]