MYSE(SH:601615) Ping An Securities·2024-05-07 08:30Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2] Core Views - The company's revenue for 2023 was 27.859 billion yuan, a decrease of 9.39% year-on-year, with a net profit attributable to shareholders of 372 million yuan, down 89.19% year-on-year [3][5] - In Q1 2024, the company achieved a revenue of 5.075 billion yuan, a year-on-year increase of 84.60%, and a net profit of 304 million yuan, marking a return to profitability [3][4] - The significant decline in profitability in 2023 was primarily due to a sharp drop in the gross margin of wind turbine business, which fell by 11.42 percentage points to 6.35% [4][6] - The company expects a gradual recovery in wind turbine profitability, with a projected increase in sales volume and improvement in gross margins in 2024 [4][6] Summary by Relevant Sections Financial Performance - In 2023, the company reported a revenue of 27.859 billion yuan, with a net profit of 372 million yuan, and an EPS of 0.16 yuan [3][5] - The forecast for 2024 includes a revenue of 35.328 billion yuan and a net profit of 2.038 billion yuan, indicating a significant recovery [5][10] Business Segments - Wind turbine and related components revenue was 23.52 billion yuan in 2023, with a gross margin of 6.35% [4][6] - The company expects to maintain a strong position in offshore wind turbine projects, with significant orders and sales anticipated in 2024 [4][6] Market Outlook - The company has a strong order backlog of over 30 GW as of the end of 2023, with expectations for continued growth in wind turbine sales and power generation [6][10] - The company is also focusing on expanding its power station business, which contributed 1.499 billion yuan in revenue in 2023, with a gross margin of 63% [6][10]