Jiangsu Haili Wind Power Equipment Technology (301155) 太平洋·2024-05-17 06:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 49.81 [5]. Core Views - The company's performance is under short-term pressure, with a reported revenue of 1.685 billion in 2023, a year-on-year increase of 3.22%. However, the net profit attributable to shareholders was -0.88 billion, a significant decline of 143.00% year-on-year [5][7]. - The decline in profitability is attributed to factors such as decreased product prices due to market conditions, insufficient demand following a "rush installation" period, and increased depreciation costs from newly completed projects [5][7]. - The company is expected to see a recovery in performance with projected revenues of 4.006 billion, 6.390 billion, and 8.177 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 137.69%, 59.52%, and 27.96% [8]. Financial Summary - In 2023, the company reported a gross margin of 9.77%, down by 4.98 percentage points year-on-year. The revenue from wind power tower tubes was 3.94 billion, with a gross margin of 3.52%, down by 7.11 percentage points [5][7]. - The company’s total assets increased from 7.097 billion in 2022 to 7.726 billion in 2023, while total liabilities rose from 1.445 billion to 2.138 billion in the same period [2]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 2.10, 3.33, and 4.62 respectively, with corresponding price-to-earnings (PE) ratios of 23.73, 14.94, and 10.77 [8].