业绩短期承压，坚定贯彻“双海战略”助力发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by 10%-20% over the next 6-12 months [9][24]. Core Views - The company is expected to benefit from the gradual release of wind power installation demand, supported by its commitment to the "Dual Sea Strategy" [12]. - Despite short-term pressure on performance due to seasonal factors and foreign exchange losses, the company has a solid order backlog that supports its near-term revenue [12]. - The report projects revenue growth for the company, with expected revenues of RMB 62.67 billion, RMB 77.95 billion, and RMB 88.37 billion for 2024, 2025, and 2026 respectively [12]. Financial Summary - In 2023, the company achieved revenue of RMB 48.13 billion, a year-on-year increase of 53.93%, and a net profit of RMB 2.92 billion, up 6.37% year-on-year [12]. - The first quarter of 2024 saw a revenue decline to RMB 6.57 billion, down 18.38% year-on-year, with a net profit of RMB 0.55 billion, a decrease of 39.69% year-on-year [12][14]. - The company’s gross margin for 2023 was 18.09%, a decrease of 0.29 percentage points, while the net margin was 6.11%, down 2.53 percentage points [12]. Order Backlog and Capacity Expansion - As of the end of Q1 2024, the company had an order backlog of RMB 41.27 billion, with RMB 31.95 billion from onshore wind and RMB 8.66 billion from offshore wind and marine engineering equipment [12]. - The company has strategically positioned production bases across various regions in China, enhancing its operational efficiency and reducing transportation costs [12]. Earnings Forecast - The report revises the earnings forecast, projecting net profits of RMB 5.32 billion, RMB 7.25 billion, and RMB 8.85 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 0.57, RMB 0.78, and RMB 0.95 [12][13].