回购彰显企业信心，股权激励激发员工积极性。2024 年10 月末公司发布股权回购公告，使用自有资金或自筹资金以集中竞价交易方式回购公司股份，回购总金额不低于人民币3000 万元，不超过人民币6000 万元，以不超过35元/股的价格进行回购，本次回购拟用于股权激励，激励员工积极性，吸引人才的同时彰显公司发展信心。Incident: The three-quarter report was released on October 31, 2024. In the first three quarters, the company achieved operating income of 2.892 billion yuan, +6.46% year over year; net profit to mother was 0.165 billion yuan, +30.28% year over year; net profit without return to mother was 0.171 billion yuan, +32.84% year over year. Among them, 2024 Q3 achieved operating income of 0.935 billion yuan, +8.57% year over month; net profit to mother was 0.041 billion yuan, -14.41% year on year, -31.18% month on month; net profit without return to mother was 0.05 billion yuan, +48.59% year on year and -8.89% month on month.
Overseas subsidiaries enhance international competitiveness, build production capacity and improve the international layout. In order to better participate in the international market, cope with increasingly fierce market competition, and meet the growing demand for the company's products in the European new energy market, the company invested 6 million euros to establish an overseas wholly-owned subsidiary, NorthWind GmbH, in Germany to further consolidate the company's European market layout and enhance the company's international competitiveness and profitability.
At the same time, the company has set up photovoltaic plants in the US and Saudi Arabia. Among them, the US plant has already been fully put into operation. The Saudi plant is expected to be put into operation in early 2025. It is expected that in 2025, as the capacity utilization rate of the US plant increases and the production capacity of the Saudi plant is released, overseas photovoltaics will bring incremental revenue.
Buybacks demonstrate corporate confidence, and equity incentives stimulate employees' enthusiasm. At the end of October 2024, the company issued a share repurchase announcement. Using its own funds or self-raised funds, the company's shares were repurchased through centralized bidding transactions. The total repurchase amount was not less than RMB 30 million, not more than RMB 60 million, and the repurchase was carried out at a price of no more than RMB 35 per share. The repurchase was intended to be used for equity incentives, motivating employees, and showing confidence in the company's development.
Investment suggestions: Further improving the layout of the European market, keeping up with the development of the European Seabreeze market, the company's wind power business may start in 2025; the growth rate of new energy in the US and the Middle East is accelerating, and the gradual increase in the capacity utilization rate of the company's US factories and the commissioning of Saudi plants, the company's photovoltaic business may achieve incremental benefits.
We expect the company's revenue in 2024-2026 to be 4.43/5.948/7.372 billion yuan, up 15.31%/34.27%/23.94% year on year; net profit to mother 0.275/0.396/0.527 billion yuan, year-on-year growth rate of 49.85%/43.89%/32.98%, EPS 1.49/2.15/2.86 yuan respectively, corresponding PE is 18/12/9 times, maintaining the “buy” rating.
Risk warning: Wind power/photovoltaic installations fall short of expectations, international trade frictions and macroeconomic environment changes, risk of investment income fluctuations, risk of exchange rate fluctuations, and large fluctuations in raw material prices.
