市占率持续提升，双海战略稳步推进

Investment Rating - The investment rating for the company is "Buy" with a target price of 35.76 CNY, maintaining the rating from previous assessments [7]. Core Insights - The company achieved a revenue of 14.939 billion CNY in 2023, marking a year-on-year increase of 21.21%, and a net profit attributable to shareholders of 2.007 billion CNY, up 21.78% year-on-year [1]. - The company has seen a significant increase in its market share, with a domestic market share exceeding 9%, up 0.2 percentage points year-on-year, and a record high in new orders of 14.1 GW in 2023 [2]. - The company's gross margin remains industry-leading at 17.03%, although the gross margin for wind turbine business decreased by 7.8 percentage points year-on-year due to a decline in product delivery prices [3]. - The company is advancing its "Dual Sea Strategy," with international revenue reaching 310 million CNY in 2023, indicating strong growth in overseas markets [4]. Financial Performance and Projections - The company forecasts revenues of 18.35 billion CNY, 22.85 billion CNY, and 27.8 billion CNY for 2024, 2025, and 2026 respectively, with growth rates of 22.8%, 24.5%, and 21.7% [5]. - The projected net profits for the same years are 2.395 billion CNY, 2.881 billion CNY, and 3.394 billion CNY, with growth rates of 19.4%, 20.3%, and 17.8% [5]. - The earnings per share (EPS) are expected to be 2.0 CNY, 2.4 CNY, and 2.8 CNY for 2024, 2025, and 2026, corresponding to price-to-earnings (P/E) ratios of 14, 12, and 10 [5]. Market Position and Strategy - The company has optimized its shipment structure, with revenue from wind turbines and components reaching 11.937 billion CNY in 2023, a year-on-year increase of 17.66% [3]. - The company has established a robust overseas marketing team of over 200 personnel to support its international business development [4]. - The company has developed a comprehensive range of offshore wind turbine products, positioning itself for future growth in the offshore wind market [4].