Investment Rating - The report maintains a rating of "Accumulate" for the company [12] Core Views - The company has a strong layout in wind-solar-storage grid-type products and is experiencing continuous breakthroughs in overseas markets, embracing AIDC to establish a second growth curve [3][12] - The company is expected to achieve total revenue of 3.8 billion in 2023, with a projected increase to 6.6 billion by 2027, reflecting a compound annual growth rate (CAGR) of 20.4% [5][12] - Net profit attributable to the parent company is forecasted to grow from 500 million in 2023 to 900 million in 2027, with a significant increase of 88.2% in 2023 [5][12] Financial Summary - Total revenue projections: 3.8 billion in 2023, 3.7 billion in 2024, 4.8 billion in 2025, 5.5 billion in 2026, and 6.6 billion in 2027 [5] - Net profit (attributable to the parent) is expected to be 500 million in 2023, 400 million in 2024, 600 million in 2025, 800 million in 2026, and 900 million in 2027 [5] - Earnings per share (EPS) forecast: 1.10 in 2023, 0.97 in 2024, 1.38 in 2025, 1.66 in 2026, and 1.95 in 2027 [5] - Return on equity (ROE) is projected to improve from 12.8% in 2023 to 14.1% in 2027 [5] Market Data - The company's market capitalization is approximately 13.946 billion [6] - The stock price has ranged from 11.16 to 35.14 over the past 52 weeks [6] - The current stock price is 30.68, with a target price set at 37.81 [12] Business Growth - The engineering transmission business is expected to generate 560 million in revenue in 2024, with a year-on-year growth of 16.7% and a gross margin of 44.5% [12] - Overseas revenue is projected to reach 259 million in 2024, reflecting a year-on-year increase of 122.7% with a gross margin of 54.2% [12] - The company has established over 30 service bases in various countries, including the Netherlands, Brazil, and India, to support its overseas expansion [12] Product Development - The company has invested six years in developing wind-solar-storage grid-type products, which are expected to significantly enhance the safety and stability of power systems [12] - The company has launched various products, including a 1.5-20MW doubly-fed converter for wind power and a 320-350kW string inverter for photovoltaic applications, both designed to support high overload capabilities [12]

Group 1 - The company has a strong layout in wind-solar-storage grid-type products and is continuously breaking through in overseas markets, embracing AIDC to establish a second growth curve [1][3] - The company maintains a buy rating, adjusting the EPS for 2025 and 2026 to 1.38 yuan (-0.27) and 1.66 yuan (-0.29) respectively, with a new EPS for 2027 set at 1.95 yuan, targeting a price of 37.81 yuan based on a 27.4x PE for 2025 [2] - The engineering transmission business is expected to achieve 560 million yuan in revenue in 2024, a year-on-year increase of 16.7%, with a gross margin of 44.5%, while overseas revenue is projected to reach 259 million yuan in 2024, a year-on-year increase of 122.7%, with a gross margin of 54.2% [2] Group 2 - The National Energy Administration has listed grid-connection technology as the top pilot direction, with the company having invested six years in developing wind-solar-storage grid-type products [3] - The company has launched various products in the wind and solar sectors, including a 1.5-20MW doubly-fed converter and a 320-350kW string inverter, both designed to support high short-circuit current output capabilities [3] - The company is actively developing power and system solutions for data centers, aiming for over 80% green electricity in new data centers by the end of 2025, aligning with national requirements [3]