泰胜风能(300129)：经营稳健 订单饱满

Core Insights - The company reported a revenue of 2.299 billion yuan for H1 2025, representing a year-on-year growth of 38.83%, while the net profit attributable to shareholders decreased by 8.08% to 119 million yuan [1] - The decline in net profit is attributed to rising procurement costs of raw materials and changes in the customer structure of overseas business, leading to a decrease in overall gross margin [1] - The company has a robust order backlog totaling 5.475 billion yuan, with significant contributions from both onshore and offshore wind power equipment orders [1] Business Performance - Onshore wind power equipment revenue reached 1.882 billion yuan in H1 2025, a year-on-year increase of 25.61%, with a gross margin of 12.72% [2] - Offshore wind power and marine engineering equipment revenue surged to 363 million yuan, reflecting a 226.21% year-on-year growth, with a gross margin of 9.29% [2] - The company aims to enhance its market share in both onshore and offshore wind power sectors, with specific production targets for steel towers and concrete towers set for 2025 [2] Investment Outlook - Revenue projections for 2025-2027 are estimated at 5.72 billion, 6.49 billion, and 6.78 billion yuan, with growth rates of 18%, 14%, and 5% respectively [3] - Net profit forecasts for the same period are 300 million, 420 million, and 470 million yuan, with growth rates of 63%, 41%, and 12% respectively [3] - The company is expected to benefit from the favorable demand in the wind power industry and aims to deepen its "dual sea" strategy while expanding production capacity [3]