Ge Long Hui·2025-08-25 03:48Core Viewpoint - The company reported significant revenue growth in the first half of 2025, driven by strong domestic demand and improved manufacturing profitability, despite a decline in net profit in Q2 [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 28.5 billion yuan, a year-on-year increase of 41.3%, and a net profit attributable to shareholders of 1.49 billion yuan, up 7.3% year-on-year [1]. - Q2 revenue reached 19.1 billion yuan, reflecting a 44% year-on-year growth and a 101.3% quarter-on-quarter increase, while net profit attributable to shareholders was 0.92 billion yuan, down 12.8% year-on-year but up 61.8% quarter-on-quarter [1]. Group 2: Operational Analysis - The manufacturing segment showed a notable recovery, with wind turbine and component sales generating revenue of 21.85 billion yuan, a 71.2% increase year-on-year, and a gross margin of 7.97%, up 4.22 percentage points year-on-year [1]. - The company’s operating segment for wind turbine and component sales achieved its first positive profit since 2022, driven by significant gross margin recovery [1]. Group 3: Sales and Market Expansion - The company’s overseas sales reached approximately 8.38 billion yuan, a 75.3% increase year-on-year, with wind turbine manufacturing, wind farm development, and wind power services contributing 6.79 billion, 0.45 billion, and 1.13 billion yuan respectively [2]. - The company’s overseas order backlog stood at approximately 7.36 GW, a 42.3% increase year-on-year, indicating a robust pipeline for future revenue growth [2]. Group 4: Profitability Forecast and Valuation - Despite a slowdown in wind farm transfers and a significant drop in investment income, the company’s performance benefited from manufacturing profitability recovery and improved expense ratios, leading to a slight growth in earnings [3]. - The company has adjusted its net profit forecasts for 2025-2027 to 3.25 billion, 4.4 billion, and 5.04 billion yuan, corresponding to price-to-earnings ratios of 14, 10, and 9 times, maintaining a "buy" rating [3].