受海风行业影响业绩承压，产能储备充足静候需求释放

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [1][4]. Core Insights - The company reported a revenue of 1.685 billion RMB in 2023, a year-on-year increase of 3.22%, but faced a net loss of 88.05 million RMB, a significant decline of 143% compared to the previous year [1][2]. - In Q1 2024, the company generated revenue of 124.18 million RMB, down 75.22% year-on-year, but achieved a net profit of 73.66 million RMB, a decrease of 10.28% year-on-year, indicating a recovery from previous losses [1][9]. - The company is positioned to benefit from the anticipated acceleration in offshore wind installation demand, with a projected capacity of nearly 60 GW planned for the "14th Five-Year Plan," and over 30 GW of unmet demand expected to be released in 2024-2025 [1][2]. Financial Performance Summary - In 2023, the company's gross margin was 9.77%, down 4.98 percentage points year-on-year, reflecting pressure on profitability due to factors such as declining product prices and increased depreciation [1][2]. - The company recorded a total impairment provision of 184 million RMB for the year, primarily due to the aging of accounts receivable and contract assets [1][2]. - The forecast for 2024-2026 includes expected revenues of 34.30 billion RMB, 59.75 billion RMB, and 69.28 billion RMB, with net profits projected at 3.04 billion RMB, 6.43 billion RMB, and 7.81 billion RMB respectively [1][2]. Market Position and Capacity - The company has multiple production bases, including Hai Li Offshore, Hai Li Equipment, and Hai Heng Equipment, with significant capacity expected to come online in 2024 [1][2]. - The report highlights that the company is a leading player in the offshore wind tower and foundation sector, positioning it well to capitalize on future market demand [1][2].