event: the company released its 2023 annual report, in 2023 the company achieved total operating income of 14.939 billion yuan, +21.21% YoY, net profit attributable to the parent of 2.007 billion yuan, +21.78% YoY. 24Q1 Company achieved total operating income of 1.728 billion yuan, yoy plus 10.50%, month-on-month -76.80%, net profit of 0.266 billion yuan, yoy -44.92%, month-on-month -72.77%, performance in line with expectations.

fan sales year-on-year increase, abundant orders in hand. In 2023, the company's wind turbine manufacturing achieved revenue of 11.937 billion yuan, up 17.66 percent YoY, gross margin of 15.45 percent, YoY -7.80pct. Among them, 5.XMW and above fans achieved revenue of 8.716 billion yuan, accounting for 73.02 of the sales of fans and accessories, year-on-year plus 30.05pct, the trend of large-scale fans is significant. According to CWEA statistics, the company's new lifting capacity in 2023 was 7.41GW, up 64 percent YoY, and its domestic market share was 9.3 percent, up from 0.2pct YoY. In terms of orders, the company's new orders in 2023 were 14.1GW, a record high, achieving high growth. As of the end of 2023, the company's orders in hand were 15.89GW, and the company's future performance was guaranteed.

continue to promote the offshore and overseas layout, the company's earnings are expected to thicken. In 2023, the company achieved overseas revenue of 0.31 billion yuan, and realized the sea of wind power equipment in Central Asia and South Asia. The gross profit margin of overseas sales was 22.07, which was 5.25 percentage points higher than that of domestic sales, which can effectively improve the company's profitability. At present, the company has set up an overseas marketing team of more than 200 people, which has basically covered the world's major wind power markets. The company continues to invest in offshore wind turbine development, is expected to contribute to the performance. In 2023, the company has formed a full range of 8.5MW-16MW offshore wind turbine products., Offshore shipments can thicken the company's earnings.

adhere to the "rolling development" strategy, the wind field under construction up to 2.4GW. In 2023, the company achieved sales of power station products of 0.634 billion yuan, gross margin of 36.00, wind power revenue of 0.474 billion yuan, gross margin of 73.08. In 23 years, the company transferred 7 wind power projects with a total capacity of 609 MW, achieving good economic and social benefits. As of December 31, 2023, the company's stock of wind power plants was 247 MW and the capacity of wind farms under construction was 2.4GW.

investment advice: it is estimated that the net profit attributable to the company in 24-26 years will be 23.22/26.84/3.058 billion yuan, +15.7/15.6/13.9 year on year, and EPS will be 1.93/2.23/2.54 yuan respectively, maintaining the "overweight" rating.

Risk Warning: Wind power installed less than expected; risk of raw material price fluctuations