Hopewind(603063) 华金证券·2025-03-18 13:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a significant increase in Q4 2024 performance, with revenue reaching 1.422 billion yuan, a year-on-year increase of 25.05% and a quarter-on-quarter increase of 52.88%. The net profit attributable to shareholders was 187 million yuan, up 85.86% year-on-year and 90.04% quarter-on-quarter [4][5] - The company faced overall pressure on annual performance due to a decline in demand in the new energy sector, but Q4 results confirmed a turnaround driven by overseas expansion and management reforms [4][5] - The company achieved overseas revenue of 259 million yuan in 2024, a year-on-year increase of 122.74%, with a gross margin of 54.24%, up 8.68 percentage points [4][5] - The company is focusing on the data center power supply market, developing high-capacity, multifunctional power systems to meet the explosive demand driven by AI technology [4][5] Financial Performance Summary - In 2024, the company achieved operating revenue of 3.733 billion yuan, a decrease of 0.50% year-on-year, and a net profit of 441 million yuan, down 12.28% year-on-year. The gross margin for Q4 was 38.49%, higher than the annual gross margin of 37.86% [4][6] - The projected net profits for 2025, 2026, and 2027 are 614 million yuan, 702 million yuan, and 810 million yuan, respectively, with corresponding EPS of 1.36, 1.56, and 1.80 yuan per share [5][6] - The company’s revenue is expected to grow significantly in the coming years, with estimates of 4.780 billion yuan in 2025, 5.700 billion yuan in 2026, and 6.701 billion yuan in 2027, reflecting year-on-year growth rates of 28.0%, 19.2%, and 17.5% respectively [6][8]