GOLDWIND(002202) 光大证券·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [2][3]. Core Insights - The company reported a revenue of 50.457 billion yuan in 2023, an increase of 8.66% year-on-year, while the net profit attributable to shareholders decreased by 44.16% to 1.331 billion yuan [2]. - The company has seen a continuous increase in its order backlog, reaching a total of 30,401.12 MW by the end of 2023, which is a year-on-year growth of 12.13% [2]. - The sales capacity of large megawatt products has increased, with sales of 6 MW and above units rising by 29.36% to 6,146.59 MW [2]. - The company’s wind power service and wind farm investment businesses are expanding, contributing to overall performance [2]. Summary by Sections Revenue Performance - In Q4 2023, the company achieved a revenue of 21.138 billion yuan, a year-on-year increase of 4.26% [2]. - The total sales capacity of wind turbine units remained stable at 13,772.29 MW, consistent with 2022 [2]. Profitability - The gross margin for wind turbine and component sales increased by 0.18 percentage points to 6.41%, although it remains at a low level due to intensified market competition [2]. - The report forecasts net profits for 2024, 2025, and 2026 to be 1.553 billion yuan, 1.806 billion yuan, and 2.024 billion yuan respectively, reflecting a downward adjustment of 59% and 58% for 2024 and 2025 [2]. Order Backlog and Market Position - The company’s order backlog includes 10,411.49 MW for 4 MW to 6 MW units and 9,461.05 MW for units above 6 MW [2]. - The report indicates that the company’s wind turbine quality and after-sales service capabilities remain industry-leading, which is expected to support a gradual increase in market share [2]. Future Outlook - The report introduces profit forecasts for 2026, with an expected EPS of 0.48 yuan [2]. - The current A/H share prices correspond to a PE ratio of 20 and 7 times for 2024, respectively [2].