tmntpinball|风电设备FY2023和1Q24业绩回顾：海风结构性复苏即将来临

The overall poor performance of FY2023 and 1Q24 in the wind power equipment industry is our statistics.TmntpinballMore than 20 companies with wind power equipment as the main profit contribution: 1) FY2023 total revenue and total deduction non-net profit respectively compared with the same period last year-5Tmntpinball.9% and-35Tmntpinball.5%Tmntpinball; 2) the total non-net profit deducted by 1Q24 is-30.9% compared with the same period last year. Among them, the total non-net profit of FY2023 and 1Q24 deduction of the whole machine is-70.3% and-33.4% respectively compared with the same period last year, excluding the total non-net profit of FY2023 and 1Q24 of the whole machine (including tower barrel, submarine cable and fan parts), respectively, + 15.3% and-29.1% of the same period last year. Development trend in the context of the full demand for installed capacity in the industry in 2024 and the imminent structural recovery of sea breeze, we look forward to all links of the industrial chain: 1) the whole machine: thanks to the decline in the cost of spare parts and the optimization of product structure, 2024 fan profit margin is expected to stabilize and pick up. 2) Fan parts: under the trend of large-scale domestic units, we think that overseas demand is the medium-and long-term pulling direction of fan parts companies. 3) Tower tube: the delivery of sea breeze in the industry is expected to show a substantial increase in 2024-2025, and export is an important pulling direction for Tower Tube Company. 4) Submarine cable: the short-term delivery of the industry is poor, and the continuous start of construction in Jiangsu and Yangjiang, Guangdong will become a key driving factor, and new orders signed in overseas markets are expected to continue to be fulfilled. We maintain our earnings forecasts, target prices and ratings that cover the company. Valuations and recommendations are subject to the poor progress of key offshore wind power projects such as Jiangsu and Yangjiang, Guangdong, and market confidence is weak for most of 2023, but we believe that the industry is expected to see a positive catalysis of key projects and more other regional projects in the future. At the same time, we expect the industry to meet order growth in 2024 as overseas wind power demand enters the growth cycle. Suggested attention: 1) the sea breeze industry chain whose prosperity is expected to accelerate upward: including the oriental cable link with good long-term growth, profitability and stable pattern; the tower tube which is expected to usher in the structural growth of sea breeze and export and the basic links of Taisheng Wind Power, Haili Wind Power, Daijin heavy Industry, Tianshun Wind Energy and Tianneng heavy Industry (not covered) 2) the cost side is expected to improve in 2024, at the same time benefit from the overall links of sea breeze volume: Yunda shares, Mingyang Intelligence, Jinfeng Technology, Sany Energy (not covered); 3) head fan parts companies that benefit from long-term space in overseas markets: Jinlei shares, Sun and Moon shares. The demand of risk industry is lower than expected, the price of raw materials has rebounded sharply, and the competition in the industry has intensified. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.