Group 1 - The A-share rare earth permanent magnet sector experienced a strong rally, with the rare earth ETF (159713) rising by 6.16% as of the latest report, and a cumulative increase of nearly 70% since the market's low point on April 8 [1][2] - In the past five trading days, the rare earth ETF saw net inflows of nearly 200 million yuan, with over 95% of the constituent stocks rising, including significant gains from companies like Jinli Permanent Magnet and Dadi Xiong [2] - Major rare earth products have seen price increases of over 10,000 yuan per ton since August, with specific prices for praseodymium oxide and neodymium oxide reaching 657,500 yuan per ton, reflecting year-to-date increases of 58% and 62.95% respectively [2] Group 2 - Forecasts indicate that global demand for praseodymium-neodymium oxide will reach approximately 119,700 tons and 129,000 tons in 2025 and 2026, representing year-on-year growth of 10.7% and 7.8% respectively, with a shift towards supply shortages [2] - The expectation of downstream inventory replenishment suggests that rare earth prices are likely to rise, with historical trends indicating that high overseas prices often lead to domestic price increases, enhancing corporate profits and leading to a dual boost in valuation and profits for the sector [2]

2025 年8 月23 日，公司披露2025 年半年报，上半年实现营收285亿元，同比增长41.3%，实现归母净利 润14.9 亿元，同比增长7.3%；其中Q2 实现收入191 亿元，同比增长44%，环比增长101.3%，实现归母 净利润9.2 亿元，同比下降12.8%，环比增长61.8%。 经营分析 机构：国金证券 海外业务开拓加速，子公司业绩高增：公司上半年海外销售规模约83.8 亿元，同比增长75.3%，其中风 机制造、风电场开发、风电服务分别实现67.9、4.5、11.3 亿元（合同产生的营业收入口径），分别同比 +67.5%、-3.5%、+348.5%，风机制造及风电服务业务开拓加速，产品质量及服务能力获得海外客户认 可；上半年负责公司海外业务的子公司金风国际实现净利润9.8 亿元，同比+112%。 研究员：姚遥 截至报告期末，公司海外在手订单约7.36GW，同比增长42.3%，订单储备充裕，看好海外收入占比持续 提升。 业绩简评 制造端盈利修复明显，22 年以来首次转正：上半年公司风机及零部件销售业务实现收入218.5 亿元，同 比增长71.2%，实现毛利率7.97%，同比大幅修复4.22pct； ...

证券研究报告 | 2025年08月25日 金风科技（002202.SZ） 优于大市 上半年业绩同比增长 7%，风机制造板块毛利率显著改善 2025 年上半年业绩 14.9 亿元，同比+7%。2025 年上半年，公司实现营业收 入 285.4 亿元，同比+41%；归母净利润 14.9 亿元，同比+7%；扣非归母净利 润 13.7 亿元，同比基本持平；综合毛利率 15.3%，同比-2.9pct；净利率 5.8%， 同比-1.3pct。单季度来看，2025 年第二季度公司实现营业收入 190.6 亿元， 同比+44%，环比+101%；归母净利润 9.2 亿元，同比-13%，环比+62%；扣非 归母净利润 8.1 亿元，同比-22%，环比+46%；综合毛利率 12.2%，同比-1.9pct， 环比-9.6pct；净利率 5.2%，同比-2.7pct，环比-1.8pct。 风机制造板块毛利率显著改善。2025 年第二季度，公司对外销售风机容量 8.1GW，同比+117%，环比+211%；上半年累计对外销售风机容量 10.6GW，同 比+107%。风机大型化趋势不断加速，2025 年上半年 6MW 及以上机组销售容 量同 ...

Core Viewpoint - Goldwind Technology (金风科技) reported significant growth in its mid-year 2025 performance, with a notable increase in revenue and profit, reflecting strong demand in the wind power sector [1] Financial Performance - The company achieved a revenue of RMB 28.494 billion, representing a year-on-year increase of 41.46% [1] - Shareholder profit reached RMB 1.488 billion, up 7.26% year-on-year, with earnings per share at RMB 0.34 [1] - Sales revenue from wind turbines and components amounted to RMB 21.852 billion, a substantial increase of 71.15%, accounting for 76.69% of total revenue [1] Sales and Capacity - For the first half of 2025, the company reported an external sales capacity of 10,641.44 MW, marking a year-on-year growth of 106.60% [1] - The trend towards larger wind turbine units is accelerating, with sales of turbines of 6MW and above increasing by 187.01% [1] Profitability and Margins - The gross margin for the wind turbine and component sales segment improved significantly to 7.97%, a recovery of 4.22 percentage points year-on-year [1] - The manufacturing segment's gross margin recovery is expected to be reflected in both domestic and overseas projects, with overseas manufacturing revenue accounting for approximately 31% of total revenue, consistent with the previous year [1] - The wind turbine and component sales division achieved its first positive total profit since 2022, driven by the substantial recovery in gross margins [1]

Core Viewpoint - Goldwind Technology (02208) experienced a significant stock increase of over 13%, reaching HKD 9.66 with a trading volume of HKD 83.29 million following the release of its mid-year performance for 2025 [1] Financial Performance - The company reported a revenue of RMB 28.494 billion, representing a year-on-year increase of 41.46% [1] - Shareholder profit amounted to RMB 1.488 billion, up 7.26% year-on-year, with earnings per share at RMB 0.34 [1] Sales and Market Dynamics - Revenue from wind turbine and component sales reached RMB 21.852 billion, a substantial increase of 71.15%, accounting for 76.69% of total revenue [1] - The company achieved an external sales capacity of 10,641.44 MW in the first half of 2025, marking a 106.60% year-on-year growth [1] - The trend towards larger wind turbine units is accelerating, with sales of turbines of 6MW and above increasing by 187.01% [1] Profitability and Margins - The gross margin for the wind turbine and component sales segment improved significantly to 7.97%, a recovery of 4.22 percentage points year-on-year [1] - The sales business for wind turbines and components turned profitable for the first time since 2022, driven by the substantial recovery in gross margins [1]

Core Viewpoint - The wind power industry is experiencing a recovery, and Goldwind Technology (002202.SZ) is showing stable growth in its performance, with significant increases in revenue and profit in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, Goldwind Technology achieved operating revenue of 28.537 billion yuan, a year-on-year increase of 41.26% - The net profit for the same period was 1.488 billion yuan, reflecting a year-on-year growth of 7.26% [2][3]. - The sales revenue from wind turbine units and components reached 21.852 billion yuan, up 71.15%, accounting for 76.58% of the total operating revenue [1][3]. Market Position - Goldwind Technology is one of the earliest companies in China to enter the wind power equipment manufacturing sector and has become a leading provider of wind power solutions globally [2]. - The company has ranked first in newly installed wind power capacity in China for 14 consecutive years and globally for three years [2]. Industry Growth - The National Energy Administration reported that in the first half of 2025, the newly installed wind power capacity in China reached 51.39 million kilowatts, a year-on-year increase of 98.9% [2]. - The company sold wind turbine units with a total capacity of 10,641.44 MW, marking a year-on-year increase of 106.60% [3]. Order Backlog - As of June 30, 2025, Goldwind Technology had a total external order backlog of 51,811.47 MW, a year-on-year increase of 45.58% [4]. - The overseas order volume reached 7,359.82 MW, reflecting a year-on-year growth of 42.27% [4]. International Expansion - Goldwind Technology is actively expanding its international market presence, with operations in 47 countries across six continents [5][6]. - The company's international operating revenue for 2024 and the first half of 2025 was 12.01 billion yuan and 8.379 billion yuan, respectively, with a significant increase of 75.34% in the first half of 2025 [5][6]. Technological Leadership - In the first half of 2025, Goldwind Technology obtained 137 machine certification certificates, including 105 domestic and 32 international certifications [7]. - The company holds a leading position in the industry with 6,245 domestic patent applications, of which 3,803 are invention patents [7].

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The report highlights the recovery of profitability in the photovoltaic sector due to regulatory support and the end of chaotic price competition [20][21] - The wind power sector shows continuous improvement in profitability for leading turbine manufacturers, with increased confidence in Q3 performance [32][33] - The energy storage sector has seen significant growth, with new installations surpassing 100GW for the first time [40][41] - The electric equipment sector is experiencing a reversal in supply-demand dynamics, particularly in the U.S. transformer market [53][54] Summary by Sections New Energy Vehicles and Lithium Battery Sector - Multiple regions have restarted automobile subsidy policies, indicating a trend towards more refined management [10] - Mitsui Mining & Smelting plans to expand high-end copper foil production capacity by 45% to meet demand driven by AI server needs [11] - Investment suggestions include companies with cost advantages and those leading in technology [12] Photovoltaic Sector - A meeting held by six ministries aims to regulate the photovoltaic industry, signaling an end to chaotic price competition [20][21] - The focus is on capacity clearance, anti-dumping measures, and quality supervision, benefiting leading companies with technological advantages [22] - Price pressures are expected to ease in the short term, with a shift towards technology and quality in the medium to long term [22][23] Wind Power Sector - Leading turbine manufacturers are seeing a recovery in gross margins, with a positive outlook for Q3 performance [32][33] - Key offshore wind projects are progressing, enhancing confidence in performance delivery [33] - Investment recommendations focus on companies benefiting from rising bidding prices and strong order backlogs [35] Energy Storage Sector - New energy storage installations reached 23.03GW/56.12GWh in the first half of 2025, with cumulative installations exceeding 100GW for the first time [40][41] - The report notes significant growth in lithium-ion battery and pumped storage technologies, with a shift towards diversified energy storage solutions [40] - Investment suggestions include leading storage integrators and companies benefiting from the growth of energy storage systems [47][50] Electric Equipment Sector - The U.S. transformer market is experiencing a reversal in supply-demand dynamics, with a decrease in supply-demand imbalance expected by 2030 [53][54] - The report highlights the impact of data center demand on three-phase transformer supply shortages [54] - Investment recommendations focus on companies with overseas expansion capabilities and those benefiting from digital grid reforms [56][58] Industrial Control and Robotics Sector - The launch of a new industrial control board by Jifang Industrial Control is noted, along with a significant order for humanoid robots [61][63] - The report suggests that traditional industrial sectors are showing signs of recovery, which may lead to improved orders for industrial control components [64][67] Hydrogen Energy Sector - Beijing has released a plan to promote hydrogen energy applications, with significant subsidies for industry development [70][71] - The establishment of a national hydrogen vehicle testing center is expected to support the growth of the hydrogen energy sector [70]

Core Insights - The company reported a revenue of 28.537 billion yuan for H1 2025, representing a year-on-year increase of 41.26% [1] - The net profit attributable to shareholders was 1.488 billion yuan, up 7.26% year-on-year, while the non-recurring net profit slightly decreased by 0.4% to 1.368 billion yuan [1] - The gross margin was 15.35%, down 2.9 percentage points year-on-year, and the net margin was 5.83%, down 1.3 percentage points year-on-year [1] Revenue Breakdown - Wind turbine and component sales reached 21.9 billion yuan in H1 2025, a year-on-year increase of 71.2%, with a gross margin of 8.0% [2] - Wind farm development revenue was 3.17 billion yuan, down 27.9% year-on-year, but with a high gross margin of 57.5% [2] - Wind service revenue was 2.9 billion yuan, up 22.0% year-on-year, with a gross margin of 22.5% [2] - The company added 709 MW of new grid-connected capacity, bringing the total installed capacity to 8.6 GW [2] Cost and Cash Flow Analysis - Total operating expenses for H1 2025 were 2.81 billion yuan, a year-on-year increase of 3.6%, resulting in an expense ratio of 9.8%, down 3.6 percentage points [3] - As of Q2 2025, inventory stood at 18.9 billion yuan, up 28% quarter-on-quarter [3] - Operating cash flow was negative at -2.9 billion yuan for H1 2025, indicating short-term cash flow pressure [3] Profit Forecast and Investment Rating - The company has revised its profit forecasts for 2025-2027, expecting net profits of 3.35 billion, 4.09 billion, and 4.84 billion yuan respectively, reflecting increases of 80%, 22%, and 18% [3] - The corresponding price-to-earnings ratios are projected at 13.3x, 10.9x, and 9.2x for the same years [3] - The investment rating is maintained at "Buy" [3]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights that the company's wind turbine gross margin exceeded expectations, indicating a positive outlook for wind turbine profitability [1] - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 28.54 billion yuan, a year-on-year increase of 41.26% [8] - The report anticipates a strong growth trajectory for the company's net profit, projecting a 80% increase in 2025, followed by 22% and 18% in the subsequent years [8] Financial Performance Summary - For 2023A, total revenue is projected at 50.457 billion yuan, with a year-on-year growth of 8.66% [1] - The net profit attributable to shareholders is expected to be 1.331 billion yuan in 2023A, reflecting a decline of 44.16% [1] - The earnings per share (EPS) for 2025E is forecasted to be 0.79 yuan, with a price-to-earnings (P/E) ratio of 13.31 [1] - The company’s gross margin for the first half of 2025 was reported at 15.35%, a decrease of 2.9 percentage points year-on-year [8] - The company’s operating cash flow for 2024A is projected at 2.316 billion yuan, with a significant increase expected in 2025E [9]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company's wind turbine business has significantly improved profitability, with a gross margin of 7.97%, an increase of 4.22 percentage points year-on-year [7] - The company achieved a revenue of 28.537 billion yuan in the first half of 2025, a year-on-year increase of 41.26%, and a net profit attributable to shareholders of 1.488 billion yuan, up 7.26% year-on-year [4][7] - The company has a strong order backlog, with external wind turbine orders totaling 51.81 GW, a year-on-year increase of 45.58% [7] Financial Summary - Revenue projections for 2025-2027 are 30.04 billion, 44.28 billion, and 53.31 billion yuan respectively, with corresponding dynamic P/E ratios of 14.9, 10.1, and 8.4 [8] - The company’s operating income is expected to grow significantly, with a projected revenue of 77.314 billion yuan in 2025, reflecting a year-on-year growth of 36.4% [6][9] - The gross margin is expected to stabilize around 14.3% in 2025, with a net profit margin of 3.9% [6][9]