3S(605305) 浙商证券·2025-04-23 08:35Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is a leader in high-altitude safety operation equipment for wind power globally, with domestic and international growth opportunities across multiple fields driving performance beyond expectations [1] - The domestic wind power market is experiencing high demand, with significant growth in new installations expected in 2025, projected at approximately 105-115 GW [3] - The company is expanding into overseas markets and other application fields, which are expected to provide additional growth momentum [4] Summary by Sections Market Expectations - The company's main business has limited market space, and there are concerns about the potential decline in domestic wind power business due to the increasing size of wind turbines [2] - There is uncertainty regarding the success of the company's expansion into other application areas [2] - The company's significant exposure to the U.S. market raises concerns about the impact of potential tariffs on performance [2] Performance Drivers - The domestic wind power market is thriving, with an expected annual average new installation capacity of 100 GW from 2024 to 2026, representing a CAGR of 11% [3] - Product optimization and solution iterations are enhancing the value of individual wind turbine configurations [3] - The company is also tapping into the vast potential of the wind power operation and maintenance market, which is expected to contribute to long-term performance [3] Overseas Market Expansion - The company has opportunities in the North American and European markets, which have substantial retrofitting needs [4] - There is significant room for improvement in market share in overseas markets, which could lead to incremental performance growth [4] Multi-Field Expansion - The company is diversifying its product offerings into various fields such as industrial and construction, emergency rescue, and power grids, moving towards a platform-based enterprise model [4] - New products like material conveyors and climbing machines are expected to become key products for the company [4] Financial Forecasts - The company is projected to achieve a net profit of 402 million in 2025, with a year-on-year growth of 28% [10] - The expected P/E ratios for 2025, 2026, and 2027 are 12, 11, and 9, respectively, indicating a favorable valuation outlook [10]