Incident: The company released its 2023 annual report. For the full year of 2023, the company achieved total operating revenue of 50.457 billion yuan, +8.66% year-on-year, and net profit to mother of 1,331 billion yuan, or -44.16% year-on-year. Among them, Single 23Q4 achieved total operating revenue of 21.138 billion yuan, +4.26% year over month, +104.86% month on month, net profit to mother of 70 million yuan, +277.61% year on year, and +644.38% month on month. The results were in line with expectations.
The sales capacity of fans was basically the same year on year, and the trend of large-scale expansion was obvious. In 2023, the company achieved sales revenue of 32,937 billion yuan for wind turbines and components, a gross profit margin of 6.41%, and a unit sales capacity of 13.77 GW, or -0.71% year-on-year. The process of large-scale units in the wind power industry continued to accelerate. During the reporting period, the company sold 0.14 GW of units below 4 MW, -91.93% year over year, 4 MW (inclusive) -6 MW units sold 7.48 GW, +1.84% year over year, and 6MW and above units sold 6.15 GW, +29.36% year over year.
The company's on-hand orders are growing steadily to guarantee the company's performance. As of December 31, 2023, the total number of external orders to be executed was 20.71 GW, respectively: 0.84 GW for 4MW or less units, 10.41 GW for 4MW (inclusive) -6MW units, 9.46 GW for 6MW and above; 9.08 GW for the company's external bid and unsigned orders were 9.08 GW, including 3.90 GW for 4MW (inclusive) -6MW units, 5.18 GW for 6MW and above; the total number of overseas orders for the company was 29.78 GW; In addition, the company also has an internal order 0.62 GW The company's on-hand orders totaled 30.40 GW, an increase of 12.13% year over year.
The wind farm development business increased year-on-year, and wind farm transfers achieved a high return on investment. In 2023, the company's wind farm development business achieved revenue of 10.915 billion yuan, +57.96% year-on-year. Among them, the transaction scale of power plant products exceeded 740 MW, and the revenue from power plant products was nearly 4.5 billion yuan; wind power projects achieved power generation revenue of 6.432 billion yuan.
As of the end of the reporting period, the company's global equity has accumulated 7.29 GW of grid-connected installed capacity and 2.35 GW of wind farm capacity under construction. The transfer of equity connected to the grid capacity was 822.34 MW, and the investment income from the transfer of shares in wind farm projects was 1,724 billion yuan, an increase of 54.07% over the same period last year.
Investment advice: The company's net profit for 24-26 is estimated to be 24.29/28.00/3.110 billion yuan, +82.5%/15.2%/11.1% year-on-year, and EPS of 0.57/0.66/0.74 yuan, respectively, maintaining the “gain” rating.
Risk warning: wind power installation falls short of expectations; risk of fluctuations in raw material prices