bestonlinecasinonodepositsignupbonus|天顺风能(002531):2024年海风建设高确定 桩基龙头乘风起
The company publishes its annual report of 2023 & quarterly report of 2024. The company realized operating income of 77% in 2023.Bestonlinecasinonodepositsignupbonus.2.7 billion yuan, + 14.67% compared with the same period last year; realized return net profit of 795 million yuan, + 26.53% year-on-year, deducting non-return net profit of 764 million yuan, + 20.39% year-on-year. Among them, the revenue of 2023Q4 company is 1.32 billion yuan,-55.21% compared with the same period last year; the net profit of return to mother is 75 million yuan, which is-69.18% compared with the same period last year; the revenue of company 2024Q1 is 1.054 billion yuan, which is-22.67% compared with the same period last year; the net profit of return to mother is 148 million yuan,-24.83% compared with the same period last year; and the net profit of non-return to mother is 150 million yuan, which is-21.07% compared with the same period last year. After the consolidation of marine engineering, the overall profit level of the company has been improved. In 2023, the company's gross profit margin / net profit margin was 22.81%, 10.12% respectively, compared with the same period last year + 3.83pcts/0.98pcts, which has been improved. From a sectional point of view, the sea breeze realized a gross profit margin of 16.33% in 2023, which is 12.90% higher than that of Luta (year-on-year + 1.48pcts). 2024Q1's gross profit margin / net profit margin was 30.39% / 14.12% respectively, compared with the same period last year. The net profit rate of + 4.16pctsUniverse Q1 declined slightly. Layout in Europe and south of Jiangsu, China, to form a strong wind power marine production capacity. At present, the company has basically completed the strategic layout of the global production base, including 200000 tons of Sheyang base in Yancheng, Jiangsu, 250000 tons of Tongzhou Bay base in Nantong, Jiangsu, 300000 tons of Huilai base in Jieyang, Guangdong, and 200000 tons of Shanwei base in Guangdong. At the same time, the production capacity of 300000 tons of Sheyang Phase II, 300000 tons of Yangjiang base in Guangdong and 500000 tons of German base in Europe are under intensive construction, and the Zhangzhou base in Fujian is also in the stage of preliminary planning and preparation, with an overall planned production capacity of more than 2.5 million tons at home and abroad, covering major global markets such as Bohai Bay, Yangtze River Delta, Pearl River Delta, Japan and South Korea, Southeast Asia, the Middle East and Europe. The dual layout at home and abroad will benefit from the development of domestic-European sea breeze. Domestic market: since Q3 in 23 years, the influence of restrictive factors has been gradually lifted, offshore wind power projects in coastal provinces have made some breakthroughs, some projects have made significant progress, and sea breeze projects have been accelerated. The company's Yangjiang factory in Guangdong Province, at present, a total of 6 projects of 3GW in Sanshan Island of Yangjiang are being approved one after another. Sanshan Island 3GW is a provincial management project with a fast pace and is expected to start construction in 2024-2025. Guangdong has previously competed for the allocation of 7GW provincial-administered sea area projects. With reference to the development speed of Yangjiang Sanshan Island, Guangdong, Qingzhou 567 and Fanshi 12 are expected to start construction in 2024-2025. Guangdong has a large demand for sea breeze construction in 2024-2025. Overseas markets: Europe completed 30 billion euros in new offshore wind power projects in 2023, setting a record high in recent years, WindEurope said. Considering the auction schedule of the follow-up sea wind projects of the governments of major overseas economies, Danish wind power operator Orsted statistics that the auction of super-40GW sea wind projects is expected to be launched overseas in 2024, and Orsted expects that there may be a concentrated release of resources for overseas offshore wind power projects in 2024. In addition, in 2023, Vestas and Siemens Gamesa realized new orders for offshore wind power 3.1GW and 8.2GW respectively, which were + 382.0% and + 193.7% respectively compared with the same period last year, both of which reached record highs in recent years. The project order area is mainly from the European market. At the same time, offshore wind power projects that have completed bidding auctions have also gradually entered the bidding process for equipment procurement. It is expected that the overseas offshore wind power market in 2024 is expected to become a big year for resource release and equipment procurement, and the company's layout of German factories is expected to benefit. Strategic layout of zero-carbon new materials / new technologies, vigorously promote the development of new energy projects. New materials and new technology are one of the three strategic directions of the company's key layout. Suzhou Fumai, a wholly-owned subsidiary, plans to sign a "processing contract" with China Shipbuilding Science Research Center. sales target unmanned wing ship structure construction and final assembly joint adjustment project structural materials, mold tooling, static prototype structure construction and structural assembly, test prototype structure construction and final assembly service, the total contract amount is 34.5 million yuan. The winning ground effect wing ship has a take-off weight of 10 tons, which is the largest ground effect wing ship in China. The structural construction project will be built by the company's self-developed self-heating intelligent temperature control mold and carbon fiber composite products, which has significant advantages over the previous ground effect wing ships in terms of structural lightweight, integrity and economy. The signing of this contract marks a major breakthrough in the field of new materials and has a positive impact on the continuous expansion of the manufacturing business of large-scale composite structures in the field of shipping and aerospace. Profit forecast: due to various external influences in the offshore wind power industry in 2024, the overall start-up of the industry was lower than expected, so the company's performance in 2023 was lower than expected; the company's Yangjiang and German bases were slightly delayed, so the company's performance forecast for 2023-2025 was lower than previously expected. In 2024, considering that the previously delayed projects are expected to start construction in 2024, the offshore wind power plan will be completed at the end of the 14th five-year Plan.BestonlinecasinonodepositsignupbonusWe expect intensive construction of offshore wind power in 2024. And far-reaching sea planning gradually landed, long-term sea breeze demand is opened, the company as a pile leader, capacity depth layout in Guangdong, Jiangsu, can cover offshore wind power demand from north to south, so we expect the company to achieve a net profit of 13.42 pounds in 2024-2026, corresponding to the PE valuation of 13.9, 10.1, 7.4 times, maintaining the "buy" rating. Risk tips: demand fluctuations, raw material price fluctuations, technological change, declining profitability. [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.