金风科技：风机业务量升价稳，盈利能力有望改善，建议“买进”

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][13]. Core Insights - The company's wind turbine business is gradually recovering, with a significant increase in orders and a positive trend in bidding prices, suggesting improved profitability in the coming years [5][7]. - The company has a robust order backlog, with a year-on-year increase of 40.5%, and is expected to achieve over 30% sales growth in 2025 [6][8]. - The report forecasts net profits for 2024, 2025, and 2026 to be RMB 22.5 billion, RMB 29.3 billion, and RMB 35.5 billion respectively, with corresponding EPS of RMB 0.53, RMB 0.69, and RMB 0.84 [8]. Company Overview - The company operates primarily in the electrical equipment industry, focusing on wind turbine manufacturing, wind farm development, and wind power services [2]. - As of November 22, 2024, the company's stock price is RMB 9.99, with a market capitalization of RMB 339.08 billion [2]. - The company has a diverse product portfolio, with 63.2% of revenue from wind turbine sales, 21.8% from wind farm development, and 11.8% from wind power services [2]. Financial Performance - The company reported a significant increase in public tender volume for wind turbines, up 93% year-on-year, reflecting strong demand in the wind power sector [5]. - The average bidding price for wind turbines has increased by over 20%, indicating a recovery in pricing and potential for improved margins [7]. - The report projects a gradual improvement in profitability, with expected P/E ratios for A-shares of 19.5, 15, and 12.4 for the years 2024, 2025, and 2026 respectively [8].