Windey(SZ:300772) Xin Lang Cai Jing·2025-06-23 02:42Company Overview - The company is a leading domestic wind turbine manufacturer, benefiting from the rising volume and price of onshore wind power in China, along with the growth of overseas and offshore business, with an expected CAGR of 42% for net profit from 2025 to 2027 [1][2] - As of Q1 2025, the company has a steady order backlog of 43.4 GW, representing an 81% year-on-year increase, supporting high wind turbine shipment levels from 2025 to 2027 [2] Industry Insights - The domestic wind power installation market is experiencing high demand, with a 97% year-on-year increase in onshore wind bidding volume in 2024, supporting a forecast of 100 GW and 12 GW of new installations for onshore and offshore wind respectively in 2025, representing year-on-year growth of 23% and 114% [1] - Internationally, countries are increasing policy support for wind power, with a projected CAGR of 16.7% for new installations from 2025 to 2030 according to GWEC [1] Profitability and Financial Projections - The company is expected to improve profitability through cost reduction strategies, including wind turbine structure optimization and self-supply of blades, with projected gross profit margins for wind turbine business of 7.3%, 8.4%, and 9.4% from 2025 to 2027 [2] - Forecasted net profits for the company are 680 million, 1.02 billion, and 1.33 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 47.3%, 48.5%, and 31.0% [4] Market Position and Valuation - The company is positioned to benefit from the recovery of onshore wind profitability and the high profitability of offshore and overseas businesses, with a target price of 13.05 yuan based on a 15x PE for 2025 [1][4]