Core Viewpoint - Mingyang Smart Energy has shown significant stock performance and financial growth, with a focus on renewable energy equipment manufacturing and investment in energy projects [1][2]. Group 1: Stock Performance - As of August 26, Mingyang Smart Energy's stock price increased by 2.07% to 13.30 CNY per share, with a trading volume of 5.09 billion CNY and a market capitalization of 30.211 billion CNY [1]. - The stock has risen by 7.94% year-to-date, with a 7.26% increase over the last five trading days, 14.85% over the last 20 days, and 33.64% over the last 60 days [1]. Group 2: Financial Performance - For the period ending March 31, Mingyang Smart Energy reported a revenue of 7.704 billion CNY, representing a year-on-year growth of 51.78%, while the net profit attributable to shareholders was 302 million CNY, a slight decrease of 0.70% [2]. - The company has distributed a total of 2.858 billion CNY in dividends since its A-share listing, with 1.999 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of March 31, the number of shareholders increased by 18.02% to 132,600, while the average number of tradable shares per shareholder decreased by 15.27% to 17,129 shares [2]. - The fourth-largest shareholder, Hong Kong Central Clearing Limited, holds 64.8442 million shares, a decrease of 10.9204 million shares from the previous period [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance met expectations, with an improvement in wind turbine gross margin [1] - Revenue for 2024 is projected at 27.16 billion yuan, a year-on-year decrease of 3.43%, while net profit is expected to be 346.11 million yuan, down 8.12% year-on-year [7] - The company achieved a record new wind turbine order of 27.1 GW, indicating strong market demand despite a decrease in sales revenue for wind turbines and related components [7] - The report anticipates significant growth in net profit for 2025 and 2026, with projections of 2.37 billion yuan and 2.87 billion yuan respectively, reflecting a year-on-year increase of 584.72% and 21.24% [7] Financial Summary - Total revenue for 2023 was 28.12 billion yuan, with a projected increase to 38.50 billion yuan by 2025, representing a growth rate of 41.75% [1][8] - The gross margin for 2024 is expected to be 8.1%, improving to 12.3% by 2025 [8] - The company's earnings per share (EPS) is projected to rise from 0.15 yuan in 2024 to 1.04 yuan in 2025 [1][8] - The price-to-earnings (P/E) ratio is expected to decrease significantly from 68.19 in 2024 to 9.96 in 2025, indicating improved valuation [1][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance met expectations, with an improvement in wind turbine gross margin [1] - Revenue for 2024 is projected at 27.16 billion yuan, a year-on-year decrease of 3.43%, while net profit is expected to be 346.11 million yuan, down 8.12% year-on-year [7] - The company achieved a record new wind turbine order of 27.1 GW, indicating strong market demand despite challenges [7] - The report anticipates significant growth in net profit for 2025 and 2026, with projections of 2.37 billion yuan and 2.87 billion yuan respectively, reflecting a year-on-year increase of 584.72% and 21.24% [7] Financial Summary - Total revenue for 2023 was 28.12 billion yuan, with a projected increase to 38.50 billion yuan by 2025, representing a growth rate of 41.75% [1][8] - The gross margin for 2024 is expected to be 8.1%, improving to 12.3% by 2025 [8] - The company's earnings per share (EPS) is projected to rise from 0.15 yuan in 2024 to 1.04 yuan in 2025 [1][8] - The price-to-earnings (P/E) ratio is expected to decrease significantly from 68.19 in 2024 to 9.96 in 2025, indicating improved valuation [1][8]

业绩简评 2025 年 4 月 25 日公司披露 24 年年报及 25 年一季报，2024 年公 司实现营收 272 亿元，同比下降 3.4%；实现归母净利润 3.46 亿 元，同比下降 8.1%。2025 年一季度公司实现收入 77.0 亿元，同 比增长 51.8%，实现归母净利润 3.0 亿元，同比下降 0.7%。 经营分析 风机制造及发电业务盈利承压，电站销售转让保持增长：2024 年 公司风机及相关配件销售实现收入 208.3 亿元，同比下降 12.4%， 实现毛利率-0.46%，同比下降 3.6%，预计主要受海风推进受阻， 交付不及预期影响，2025 年公司前期中标的广东多个重要海风项 目陆续开始施工，项目确收有望逐步加速。发电收入同比增长 15.4%，但毛利率同比下降 5.86pct 至 57.1%，预计主要受部分地 区新能源市场化交易推进，上网电价有一定下降影响。电站销售转 让保持增长，2024 年公司电站产品销售实现收入约 27.9 亿元，同 比+34.2%，毛利率同比提升 12.2pct 至 43.2%，同时实现投资收益 11.6 亿元，同比提升 38%。 Q1 交付加速，规模效应体现明显： ...