Investment Rating - The report maintains a "Buy" rating for the company with a target price of 58.64 CNY, based on a 24x PE for 2024 [17][16]. Core Insights - The company's revenue for 2023 was 16.85 billion CNY, a year-on-year increase of 3.22%, but it reported a net loss of 0.88 billion CNY, a decline of 143% compared to the previous year [14][16]. - In Q1 2024, the company achieved revenue of 1.24 billion CNY, a year-on-year decrease of 75.22%, but a net profit of 0.74 billion CNY, down 10.28% year-on-year, showing a positive trend compared to the previous quarter [14][16]. - The company is expected to benefit from a recovery in the offshore wind industry, with projected revenues of 45.0 billion CNY, 67.9 billion CNY, and 82.5 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 167.0%, 51.0%, and 21.4% [16][15]. Financial Summary - The company's revenue from pile foundations in 2023 was 11.0 billion CNY, down 11.5% year-on-year, while tower revenue was 3.9 billion CNY, up 16.8% year-on-year [1]. - Investment income from joint ventures and associates was 0.28 billion CNY in 2023, down from 1.0 billion CNY in 2022 [1]. - The company has multiple production bases and is planning further expansions, which are expected to enhance capacity in the future [4][15]. Earnings Forecast - The forecast for net profit for 2024, 2025, and 2026 is 5.3 billion CNY, 7.7 billion CNY, and 9.5 billion CNY respectively, with corresponding growth rates of 703.2%, 45.1%, and 23.9% [16][15]. - The expected EPS for the same years is 2.4 CNY, 3.5 CNY, and 4.4 CNY, with PE ratios of 21, 14, and 11 respectively [16]. Market Position - The company is positioned as a leading player in the domestic pile foundation market and is likely to benefit from the recovery in the offshore wind sector [16][15]. - The company is actively pursuing overseas market opportunities and has initiated the construction of export-oriented heavy-duty terminals [4].
业绩短期承压，有望受益行业景气回暖