event

recently, the company released the 2023 performance bulletin. the company's operating performance in 2023 was excellent. the company realized revenue of 14.95 billion yuan in 2023, up 21.3 percent year on year. Net profit attributable to the parent was 2 billion yuan, up 21.6 percent year on year. Among them, 2023Q4 revenue of 7.46 billion yuan, the return of net profit of 0.97 billion yuan, the return of non-net profit of 0.9 billion yuan.

comments:

investment income is stable and sustainable. As of the third quarter of 2023, the company's investment income was 0.89 billion yuan. In December 2023, the company transferred Xiangyu New Energy and Tongzhao New Energy, which are expected to realize profits of 0.419 billion yuan and 0.305 billion yuan respectively, totaling 0.724 billion yuan, accounting for a higher proportion of Q4 net profit. The company implements a rolling development plan for wind farms, and implements the strategy of "developing a batch, transferring a batch, and self-sustaining a batch", and transfers the wind farms in a timely manner according to the demand-side situation. The Company's sale of wind farm business is a recurring business of the Company, which is actually a way for the Company to sell wind turbines and undertake EPC business, and will be one of the Company's major sustainable businesses in the future, around which the Company will explore a new business model.

company fan sales to achieve rapid growth. According to Fengmang Energy, the company won a cumulative bid of about 13.5GW in 2023, ranking fourth among China's complete machine manufacturers. According to BNEF, the company's new hoisting capacity in 2023 is about 7.8GW, with a market share of 10%, which is significantly higher than the company's sales capacity of 4.5GW in 2022.

Offshore wind power launch of new products, or will usher in a sales breakthrough. At the 2023 Wind Energy Show, the company released the world's largest onshore 15MW wind turbine and 13/16MW offshore wind turbine, making a continuous breakthrough in the development of large megawatt units. Among them, the company has been able to equip 15MW wind turbines with self-designed generators and blades. The company has now set up a major layout of the north of the Yangtze River offshore marketing team, and began to participate in the bidding of offshore projects, the company expects the gross margin of offshore projects will be higher than on land.

profit forecast and investment rating: we expect the net profit attributable to the company from 2023 to 2025 to be 20.0 yuan, 24.2 yuan and 2.87 billion yuan respectively, up 21.6, 20.7 and 18.8 year on year. the market value as of February 26 is 13.2 and 11.1 times PE for 24-25 years, maintaining the "overweight" rating.

risk factors: wind power development is less than expected risk, raw material price fluctuations risk, industry competition intensified risk.