Xin Lang Cai Jing·2025-04-29 02:43Core Viewpoint - The company reported strong Q1 2025 results with revenue of 9.472 billion yuan, a year-on-year increase of 35.72%, and a net profit of 568 million yuan, up 70.84%, driven by high wind turbine shipments, reduced expense ratios, and significant gains in fair value of financial assets [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved wind turbine shipments of 2.59 GW, a year-on-year increase of 80.16%, with shipments of turbines 6 MW and above reaching 1.82 GW, up 168.39% [2]. - The expense ratio for Q1 2025 was 14.19%, a decrease of 4.86 percentage points year-on-year, with specific reductions in sales, management, R&D, and financial expense ratios [2]. - The fair value change in financial assets for Q1 2025 was 147 million yuan, reflecting a year-on-year increase of 253.99% [2]. Group 2: Order Backlog and Market Expansion - As of the end of March 2025, the company had a robust order backlog of 51.09 GW, a year-on-year increase of 51.81%, with external orders at 48.62 GW, up 50.25% [3]. - The company is actively expanding its international customer base, with overseas orders reaching 6.91 GW, a year-on-year increase of 26.08% [3]. - The average bidding price for wind turbines in December 2024 was 1,527 yuan/kW, reflecting a month-on-month increase of 4.1%, indicating a recovery in domestic wind turbine prices [3]. Group 3: Business Development and Shareholder Confidence - The company's global self-operated wind power plant capacity stood at 8.04 GW as of the end of March 2025, with an additional 4.12 GW under construction [4]. - A share repurchase plan was announced on April 26, 2025, with intentions to repurchase 300 to 500 million yuan of A-shares over the next 12 months, demonstrating confidence in the company's future [4]. Group 4: Profit Forecast and Valuation - Due to strong downstream demand, the company has revised its profit forecasts for 2025-2027, projecting net profits of 2.736 billion yuan, 3.247 billion yuan, and 3.659 billion yuan, respectively [5]. - The target price for A-shares has been adjusted to 10.40 yuan, corresponding to a 16 times PE ratio for 2025, maintaining an "overweight" rating [5]. - The target price for H-shares is set at 6.57 HKD, reflecting a certain discount based on the past year's PE ratios [5].