业绩符合预期，24年有望受益于行业复苏

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company's performance in 2023 met expectations, with revenue of 50.46 billion yuan, a year-on-year increase of 8.7%, and a net profit attributable to shareholders of 1.33 billion yuan, a year-on-year decrease of 44.2% [2] - The company is expected to benefit from the recovery of the wind power industry in 2024, with significant growth in revenue and net profit projected for the next three years [3][4] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 21.14 billion yuan, a year-on-year increase of 4.3% and a quarter-on-quarter increase of 104.9%. The net profit for Q4 was 70 million yuan, a year-on-year increase of 277.6% and a quarter-on-quarter increase of 644% [2] - The gross profit margin for 2023 was 17.1%, and the net profit margin was 3%, both showing a decline compared to the previous year [2] - The company’s total revenue for 2024 is projected to be 57.43 billion yuan, with a year-on-year growth rate of 13.82% [4] Business Segments - Wind farm investment and development revenue reached 10.9 billion yuan in 2023, a year-on-year increase of 58%. The overall gross margin for wind farm business was 47.3%, down 18 percentage points year-on-year [2] - The company shipped 17.1 GW of wind turbines in 2023, a decrease of 10.5% year-on-year, but still maintained a 20% market share in the domestic market, ranking first for thirteen consecutive years [2] - The company’s energy storage business achieved a breakthrough in 2023, establishing a capacity of 3 GWh and ranking among the top four in the country for bidding volume [2] Future Outlook - The company is expected to see a significant rebound in net profit in 2024, with a projected year-on-year growth rate of 52.6% [3] - The global wind power market presents vast opportunities, and the company is focusing on technological innovation and optimizing product sales structure to enhance profitability [3][4]