Core Insights - The stock price of Haili Wind Power dropped by 2.02% on November 6, trading at 84.03 CNY per share with a market capitalization of 18.267 billion CNY [1] - The company has seen a year-to-date stock price increase of 57.89%, but has experienced a decline of 4.02% over the last five trading days and 15.97% over the last twenty days [1] Financial Performance - For the period from January to September 2025, Haili Wind Power reported a revenue of 3.671 billion CNY, representing a year-on-year growth of 246.01%, and a net profit attributable to shareholders of 347 million CNY, up 299.36% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 237 million CNY, with 41.304 million CNY distributed over the past three years [3] Shareholder Information - As of October 31, 2025, the number of shareholders increased by 18.20% to 18,000, while the average number of circulating shares per person decreased by 15.40% to 6,861 shares [2] - Notable changes in institutional holdings include new entries from Guangfa High-end Manufacturing Stock A and Xingquan Helun Mixed A, while BlackRock China New Horizons Mixed A has exited the top ten circulating shareholders [3] Business Overview - Haili Wind Power, established on August 18, 2009, and listed on November 24, 2021, specializes in the research, production, and sales of wind power equipment components, with a revenue composition of 77.04% from foundations, 14.38% from wind turbine towers, and 6.72% from other structures [1]

Core Viewpoint - HaiLi Wind Power's stock price has shown significant volatility, with a year-to-date increase of 56.05% but a recent decline over the past five and twenty trading days [1][2]. Company Overview - Jiangsu HaiLi Wind Power Equipment Technology Co., Ltd. was established on August 18, 2009, and listed on November 24, 2021. The company is located in the Jiangsu Province and specializes in the research, production, and sales of wind power equipment components, among other machinery [1]. - The main revenue sources for the company are: foundation piles (77.04%), wind power towers (14.38%), guide frames (6.72%), and other (1.85%) [1]. Financial Performance - For the period from January to September 2025, HaiLi Wind Power achieved a revenue of 3.671 billion yuan, representing a year-on-year growth of 246.01%. The net profit attributable to shareholders was 347 million yuan, marking a 299.36% increase [2]. - Since its A-share listing, the company has distributed a total of 237 million yuan in dividends, with 41.304 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for HaiLi Wind Power was 15,200, a decrease of 3.63% from the previous period. The average number of circulating shares per person increased by 3.69% to 8,109 shares [2]. - Notable institutional shareholders include Guangfa High-end Manufacturing Stock A and Xingquan Helun Mixed A, both of which are new entrants among the top ten circulating shareholders [3].

Core Viewpoint - The wind power equipment sector experienced a decline of 2.9% on November 4, with HaiLi Wind Power leading the drop [1][2]. Market Performance - The Shanghai Composite Index closed at 3960.19, down 0.41% - The Shenzhen Component Index closed at 13175.22, down 1.71% [1]. Individual Stock Performance - HaiLi Wind Power (301155) saw a significant drop of 7.51%, closing at 81.39 with a trading volume of 68,600 shares and a transaction value of 570 million [2]. - Other notable declines included: - WeiLi Transmission (300904) down 6.85% to 74.52 - DaQuan CheGong (002487) down 6.72% to 47.49 - MingYang Smart Energy (601615) down 4.36% to 14.69 [2]. Capital Flow Analysis - The wind power equipment sector experienced a net outflow of 875 million from main funds, while retail investors saw a net inflow of 694 million [2][3]. - The capital flow for key stocks included: - HaiLi Wind Power had a main fund net outflow of 30.78 million and a retail net inflow of 18.58 million [3]. - HeWang Electric (603063) had a main fund net inflow of 19.21 million but a retail net outflow of 36.22 million [3].

Core Viewpoint - HaiLi Wind Power (301155.SZ) reported a closing price of 81.39 yuan, with a decline of 7.51% [1] Group 1: Company Performance - GuoXin Securities researchers Wang Weiqi and Wang Xiaosheng published a report forecasting that HaiLi Wind Power will achieve net profit attributable to shareholders of 4.60 billion, 9.11 billion, and 13.38 billion yuan for the years 2025-2027, representing growth rates of +596%, +98%, and +47% respectively [1] - The report provides a reasonable valuation range for the company between 92.70 and 102.56 yuan, indicating a premium of 8% to 20% relative to the current stock price [1] Group 2: Market Rating - The report initiates coverage of HaiLi Wind Power with an "Outperform Market" rating [1]

Investment Rating - The report maintains a positive outlook on the wind power industry, highlighting continued revenue and profit growth in Q3 2025, with a recommendation to focus on companies with higher profit elasticity [3][25][28]. Core Insights - The wind power sector achieved revenues of 662 billion yuan in Q3 2025, a year-on-year increase of 27.2%, and a net profit of 14.4 billion yuan, up 4.6% year-on-year, indicating a sustained upward trend in profitability [2][25][28]. - The industry is expected to maintain high demand and pricing levels, supported by a robust order backlog of approximately 300 GW, which is projected to ensure continued growth through 2027 [2][3][13]. - The report identifies four key segments with varying performance: 1. The turbine segment shows profit differentiation, with companies like Goldwind and Yunda benefiting from fewer low-price orders [2][3]. 2. The operator segment has seen significant cash flow improvements due to accelerated national subsidies [2][3]. 3. The offshore wind and cable segments are experiencing high demand and increased capital expenditures [2][3]. 4. The components segment is benefiting from reduced raw material costs and high capacity utilization [2][3]. Summary by Sections Revenue and Profit Growth - The wind power sector's revenue for the first three quarters reached 1.71 trillion yuan, a 37.9% increase year-on-year, with a net profit of 56.7 billion yuan, up 12.5% year-on-year [18][21]. - Q3 2025 saw a sales gross margin of 13.5% and a net margin of 3.6%, reflecting a slight decline due to the increased share of lower-margin manufacturing business [18][21]. Demand and Pricing Trends - The average bidding price for onshore wind turbines increased by 12% year-on-year to 1593 yuan/kW, indicating a positive pricing trend [16][28]. - The report anticipates that the demand for wind installations will continue to accelerate, with an expected total of 118 GW of new installations for the year [8][13]. Segment Performance - The turbine segment's profitability is expected to improve due to a higher proportion of high-price orders in future deliveries [2][3]. - The offshore wind segment is experiencing robust growth, with significant capital investments and project deliveries [2][3]. - The components segment is seeing improved profitability driven by lower raw material costs and increased production efficiency [2][3]. Investment Recommendations - The report recommends focusing on companies with strong profit elasticity in the turbine segment, such as Goldwind, Yunda, and Mingyang Smart Energy, as well as those in the cable and component segments like Daikin Heavy Industries and Dongfang Cable [3][3].

Core Viewpoint - HaiLi Wind Power's stock price has shown significant growth this year, with a year-to-date increase of 63.81% and a market capitalization of 18.95 billion yuan as of November 3 [1][2]. Company Overview - Jiangsu HaiLi Wind Power Equipment Technology Co., Ltd. was established on August 18, 2009, and listed on November 24, 2021. The company specializes in the research, production, and sales of wind power equipment components, agricultural machinery, port machinery, and environmental protection machinery [1]. - The main revenue sources for the company are: foundation piles (77.04%), wind power towers (14.38%), guide frames (6.72%), and others (1.85%) [1]. Financial Performance - For the period from January to September 2025, HaiLi Wind Power achieved operating revenue of 3.671 billion yuan, representing a year-on-year growth of 246.01%. The net profit attributable to the parent company was 347 million yuan, with a year-on-year increase of 299.36% [2]. - Since its A-share listing, the company has distributed a total of 237 million yuan in dividends, with 41.304 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for HaiLi Wind Power was 15,200, a decrease of 3.63% from the previous period. The average number of circulating shares per shareholder increased by 3.69% to 8,109 shares [2]. - Notable institutional shareholders include Guangfa High-end Manufacturing Stock A and Xingquan Helun Mixed A, both of which are new entrants among the top ten circulating shareholders [3].

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's Q3 performance fell short of market expectations, with Q3 revenue of 1.641 billion yuan, a year-on-year increase of 134.73%, and a net profit of 141 million yuan, a year-on-year increase of 779.32% [3]. - The report highlights the impact of weather on delivery schedules and short-term performance, with some product deliveries postponed to Q4 and increased depreciation costs affecting profitability [3]. - The company is expected to benefit from deep-sea and export business opportunities, with ongoing domestic projects and potential overseas contracts anticipated to materialize in early 2026 [3]. - The production base is well-established, ensuring product delivery capabilities, with additional bases planned for future expansion [3]. Financial Data and Profit Forecast - Projected total revenue for 2025 is 4.975 billion yuan, with a year-on-year growth rate of 267.3% [2]. - Expected net profit for 2025 is 511 million yuan, reflecting a significant year-on-year increase of 672.7% [2]. - Earnings per share (EPS) for 2025 is forecasted at 2.35 yuan, with a projected PE ratio of 37 for 2025 [2][4]. - The report revises profit forecasts downward for 2025-2027, with expected net profits of 5.11 billion yuan, 9.90 billion yuan, and 13.47 billion yuan respectively [3].

Core Viewpoint - The company reported its Q3 2025 results, showing significant year-on-year growth in revenue and net profit, but the performance fell short of market expectations due to weather impacts and impairment losses [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 3.671 billion yuan, a year-on-year increase of 246.01%, and a net profit attributable to shareholders of 347 million yuan, up 299.36% [1]. - In Q3 alone, the company reported revenue of 1.641 billion yuan, reflecting a year-on-year growth of 134.73%, with a net profit of 141 million yuan, which is a staggering increase of 779.32% year-on-year [1]. - The Q3 gross margin was 15.22%, with year-on-year and quarter-on-quarter changes of +7.07 percentage points and -2.37 percentage points, respectively [1]. Operational Challenges - Weather conditions affected the delivery schedule of offshore engineering products, leading to some deliveries being postponed to Q4, resulting in lower-than-expected shipment volumes in Q3 [1]. - The company faced short-term pressure on profitability due to increased depreciation and amortization expenses from the first phase of the Qidong project and additional costs incurred from expedited production [1]. - In Q3, the company made provisions for bad debts, with total impairment provisions amounting to approximately 26.684 million yuan, which impacted short-term performance [1]. Future Outlook - The company is optimistic about the deep-sea and export business, with domestic deep-sea wind projects progressing steadily and multiple overseas projects expected to break ground by early 2026, which are anticipated to have high net profit per ton [2]. - The company has a well-established production base with multiple facilities and is planning additional bases to ensure the delivery of offshore wind products [2]. - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 511 million yuan, 990 million yuan, and 1.347 billion yuan, respectively, leading to a maintained "buy" rating [2].

Core Viewpoint - The wind power equipment sector experienced a decline of 1.33% on October 31, with Sany Heavy Energy leading the drop [1][2] Market Performance - The Shanghai Composite Index closed at 3954.79, down 0.81% - The Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Notable gainers in the wind power equipment sector included: - Zhenjiang Co., Ltd. (603507) with a closing price of 24.28, up 1.76% - Daqian Heavy Industry (002487) with a closing price of 50.30, up 1.64% - Electric Wind Power (688660) with a closing price of 20.63, up 1.38% [1] - Major decliners included: - Sany Heavy Energy (688349) with a closing price of 28.28, down 5.04% - Goldwind Technology (002202) with a closing price of 15.70, down 4.15% - Yunda Co., Ltd. (300772) with a closing price of 18.27, down 3.69% [2] Capital Flow Analysis - The wind power equipment sector saw a net outflow of 1.114 billion yuan from institutional investors, while retail investors contributed a net inflow of 914 million yuan [2][3] - Specific stock capital flows included: - Daqian Heavy Industry (002487) with a net inflow of 1.04 billion yuan from institutional investors - Tian Shun Wind Energy (002531) with a net inflow of 12.26 million yuan from institutional investors [3]

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational capabilities and a positive outlook for future performance [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 3.671 billion yuan, a year-on-year increase of 246.01% [1] - The net profit attributable to shareholders was 347 million yuan, up 299.36% year-on-year [1] - The basic EPS was approximately 1.59 yuan [1] - In Q3 2025, the company recorded revenue of 1.641 billion yuan, a year-on-year increase of 134.73% and a quarter-on-quarter increase of 3% [1] - The net profit for Q3 2025 was 141 million yuan, marking a turnaround from losses and a quarter-on-quarter increase of 0.16% [1] - The gross profit margin for the first three quarters of 2025 was approximately 16.23%, an increase of 10.22 percentage points year-on-year [1] Order Backlog and Growth Potential - As of the end of 2024, the company had signed contracts with a total revenue amount of approximately 4.883 billion yuan that are yet to be fulfilled [2] - The company had an order backlog of approximately 4.533 billion yuan at the end of H1 2025, representing a year-on-year growth of about 91% [2] - Revenue projections for 2025-2027 are estimated at 4.92 billion yuan, 7.38 billion yuan, and 8.72 billion yuan, with growth rates of 263%, 50%, and 18% respectively [2] - Net profit projections for the same period are 490 million yuan, 1.08 billion yuan, and 1.27 billion yuan, with growth rates of 645%, 119%, and 18% respectively [2] Profitability Metrics - The net profit margin for the first three quarters of 2025 was approximately 9.47%, an increase of 1.41 percentage points year-on-year [1] - In Q3 2025, the gross profit margin was approximately 15.22%, a year-on-year increase of 7.07 percentage points but a quarter-on-quarter decrease of 2.37 percentage points [1] Investment Recommendation - The company is expected to benefit from a recovery in demand in the offshore wind industry, with potential improvements in product structure from deep-sea projects [2] - The company maintains a "recommended" rating based on its significant revenue and profit growth potential [2]