WHEE(600475) 信达证券·2024-04-28 01:30Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the benchmark index [34]. Core Views - The company has shown stable year-on-year performance with an increase in revenue and net profit, driven by its engineering and operational segments [6][8]. - The hydrogen energy and flexible coal power transformation sectors are expected to contribute significantly to future profits, with the company having established a manufacturing capacity for 1GW of electrolyzers [8][7]. - The company is well-positioned to benefit from the growing demand for energy and environmental solutions, leveraging its technological advantages in flexible coal power transformation and alkaline electrolyzer technology [8][7]. Financial Performance Summary - In 2023, the company achieved a revenue of 10.513 billion yuan, a year-on-year increase of 18.93%, and a net profit attributable to shareholders of 741 million yuan, up 1.65% [6]. - The first quarter of 2024 saw a revenue of 2.9 billion yuan, representing a year-on-year growth of 31.44%, although net profit decreased by 15.61% [6]. - The company plans to distribute a cash dividend of 0.35 yuan per 10 shares, yielding a dividend rate of 3.28% based on the closing price on April 26, 2024 [6]. Segment Performance Summary - Equipment manufacturing revenue declined by 24.37% to 1.449 billion yuan due to reduced investment from coal-fired power customers [6]. - The engineering segment benefited from a significant increase in photovoltaic power station projects, achieving a revenue of 2.255 billion yuan, up 46.8% [6]. - The operational segment, boosted by the acquisition of thermal power assets, generated revenue of 3.979 billion yuan, a year-on-year increase of 42.72% [6]. Earnings Forecast - The company is expected to generate revenues of 12.07 billion yuan, 13.54 billion yuan, and 14.61 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits projected at 8.29 billion yuan, 9.18 billion yuan, and 10.29 billion yuan [8].