摩根士丹利：明阳智能-因风力发电机组发货量低于预期及利润受压，2024 年及 2025 年第一季度业绩未达预期

April 27, 2025 07:48 PM GMT Ming Yang Smart Energy | Asia Pacific 2024 and 1Q25 result missed due to lower-than-expected WTG shipment and margin pressure Reaction to earnings Weakens our thesis Modest shortfall Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Key Takeaways MY reported 2024 results, with net profit of Rmb346mn, down 8.1% yoy, the miss due to 1) GP margin pressure for WTG continued, 2) lower-than-expected WTG shipment due to pr ...