Hopewind(SH:603063) Guotai Junan Securities·2024-06-16 05:31Investment Rating - The report maintains a rating of "Accumulate" for the company [8][12]. Core Views - The domestic wind and solar storage market is gradually heating up, entering a peak season. The company emphasizes research and development, showcasing strong product capabilities. The comprehensive development of wind, solar, and hydrogen, along with overseas expansion and transmission, is promising [2][12]. Financial Summary - The company's revenue for 2022 was 2,809 million, with projections of 3,752 million for 2023, 4,427 million for 2024, 5,313 million for 2025, and 6,429 million for 2026, reflecting growth rates of 33.5%, 33.6%, 18.0%, 20.0%, and 21.0% respectively [4]. - Net profit attributable to the parent company for 2022 was 267 million, expected to rise to 502 million in 2023, 608 million in 2024, 730 million in 2025, and 866 million in 2026, with growth rates of -4.7%, 88.2%, 21.1%, 20.0%, and 18.6% respectively [4]. - Earnings per share (EPS) is projected to be 0.60 in 2022, increasing to 1.13 in 2023, 1.37 in 2024, 1.65 in 2025, and 1.95 in 2026 [4]. Market Trends - The company experienced a year-on-year revenue decline of 10% and a net profit drop of 29% in Q1 2024, primarily due to seasonal demand fluctuations in the domestic wind and solar storage market [12]. - However, there are signs of recovery in Q2 2024, with significant increases in production and installation of energy storage and solar products [12]. Research and Development - The company has a strong focus on R&D, with 755 R&D personnel, accounting for over 32% of its workforce, and an investment of 320 million in R&D for 2023 [12]. - New product launches include the 1500V 350kW string inverter, the largest of its kind globally, and a new type of wind power converter designed for challenging environments [12]. International Expansion - The company reported overseas revenue of 116 million in 2023, a year-on-year increase of 105%, with continued growth in Q1 2024 [12]. - The overseas gross margin remains stable at over 45%, with sales in regions such as Turkey, Brazil, India, Pakistan, Indonesia, and the UAE [12].