大金重工：二、三季度是风电行业传统旺季，交货保持高景气度

Core Insights - The company achieved significant revenue growth, with a 109.48% year-on-year increase in operating income to 2.841 billion yuan and a 250.48% increase in net profit attributable to shareholders, reaching 563 million yuan in the first half of 2025 [1] - The company is transitioning from a product supplier to a system service provider, expanding its service offerings in offshore engineering and related sectors [1] Group 1: Financial Performance - In Q2 2025, the company reported a net profit of 316 million yuan, reflecting a quarter-on-quarter growth of 36.63% [1] - The company’s revenue for the first half of 2025 was 2.841 billion yuan, with a significant year-on-year growth of 109.48% [1] - The net profit attributable to shareholders for the same period was 563 million yuan, marking a 250.48% increase compared to the previous year [1] Group 2: Strategic Initiatives - The company is strategically establishing three international offshore engineering bases in the Bohai Bay area to address supply chain bottlenecks in Europe, particularly for large wind turbine installations [2] - Plans are in place to build a deep-sea assembly base in Europe to streamline the entire process of research, manufacturing, shipping, and delivery for offshore engineering projects [2] - The company is actively participating in offshore wind projects across several European countries, including the UK, Germany, the Netherlands, and Poland, with confidence in securing future orders [2] Group 3: Market Outlook - The global offshore wind auction volume is expected to reach a record high of 56.3 GW in 2024, with Europe contributing 23.2 GW, accounting for 41.2% of the total [2] - The company anticipates that the European offshore wind auction scale will be approximately 48.2 GW in 2025, representing over 60% of the global total [3] - The company has identified a strategic resource in the North Sea region, which is crucial for providing differentiated value-added services to clients [3]