Windey(300772) 华鑫证券·2025-03-30 22:33Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][9]. Core Views - The company has experienced rapid growth in new orders, with a significant increase in overseas market penetration, indicating a positive outlook for profitability recovery [7][8]. - The wind power industry is witnessing improved supply-demand dynamics, which is expected to enhance the company's profitability [7]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 22.198 billion yuan, a year-on-year increase of 18.54% - The net profit attributable to shareholders was 465 million yuan, up 12.24% year-on-year, with a non-recurring net profit of 353 million yuan, reflecting a 13.50% increase [6][7]. Business Segments - Wind turbine revenue reached 18.053 billion yuan, growing by 12.76%, with an export capacity of 11.62GW, a 37.22% increase year-on-year [7]. - The company also reported revenue from new energy engineering contracting services of 1.213 billion yuan and from new energy power station development and transfer of 1.689 billion yuan [7]. Order Growth - The company secured 30.89GW of new wind power equipment orders in 2024, representing a 96.65% year-on-year increase, with total orders on hand reaching 39.87GW [8]. - The overseas order volume has more than doubled, with significant breakthroughs in markets such as the Middle East and North Africa [8]. Profitability Forecast - Revenue projections for 2025, 2026, and 2027 are 25.912 billion yuan, 28.881 billion yuan, and 31.932 billion yuan, respectively, with corresponding EPS of 0.89 yuan, 1.21 yuan, and 1.45 yuan [9][11]. - The current stock price corresponds to PE ratios of 13.4, 9.9, and 8.3 for the years 2025, 2026, and 2027, respectively [9].