Windey(300772) 中银证券·2024-04-30 08:30Investment Rating - The report maintains a rating of "Accumulate" for the company, with a market price of RMB 9.98 and a sector rating of "Outperform" [9][15]. Core Views - The company reported a year-on-year decline in net profit of 32.84% for 2023 and a 4.21% decline for Q1 2024, indicating pressure on profitability despite a stable revenue performance [11][12]. - Wind turbine sales increased by 18.94% to 8.47GW, partially offsetting the impact of a 17.50% decline in wind turbine prices, which fell to RMB 1,891 per kW [11][12]. - The company has diversified its operations into power station operations, EPC, and energy storage, with significant growth in the EPC business, which saw a revenue increase of 225.19% [11][12]. - The major shareholder's full subscription of the private placement reflects confidence in the company's future development [11][18]. Summary by Sections Financial Performance - For 2023, the company achieved revenue of RMB 18,726.73 million, a year-on-year increase of 7.72%, but net profit decreased to RMB 414.15 million, down 32.84% [12][21]. - In Q1 2024, the company reported revenue of RMB 3,752.32 million, with a net profit of RMB 70.66 million, reflecting a 4.21% decline year-on-year [3][11]. Market Position - The company’s wind turbine sales revenue was RMB 160.10 billion, with a slight decline of 1.88% year-on-year, while the total orders at the end of 2023 reached 23.96GW, up 41.42% from the previous year [11][12]. - The company’s gross margin for the wind power segment decreased by 4.59 percentage points to 12.51% due to price competition [11][12]. Future Outlook - The forecast for 2024-2026 projects earnings per share (EPS) of RMB 0.97, 1.23, and 1.47 respectively, with corresponding price-to-earnings ratios of 10.3, 8.1, and 6.8 [11][19]. - The company aims to maintain a stable growth trajectory with a projected revenue increase to RMB 23,385 million in 2024, representing a growth rate of 24.9% [19][21].