Core Viewpoint - Company released its 2025 mid-year report, achieving total revenue of 278 million yuan, a year-on-year increase of 8.41%, and a net profit attributable to shareholders of 28.98 million yuan, a year-on-year decrease of 4.58% [1] Financial Performance - In the first half of the year, the company’s revenue growth was modest, with a first-quarter revenue of 125 million yuan (up 7.11% year-on-year) and a second-quarter revenue of 153 million yuan (up 9.50% year-on-year) [1] - Operating costs increased, with first-quarter costs at 113 million yuan (up 12.92% year-on-year) and second-quarter costs at 133 million yuan (up 7.64% year-on-year) [1] - The overall profit growth was hindered by rising operating costs, leading to a decline in gross profit margin [1] Order and Market Expansion - The company experienced stable revenue growth due to an increase in orders, with a backlog of orders amounting to 577 million yuan, a 28.79% increase from 448 million yuan in the same period last year [2] - The company is actively expanding into the power transmission and transformation industry, successfully obtaining product supply qualifications from major companies [2] - The company’s developed marine fans have passed rigorous performance and noise vibration tests, meeting design requirements [2] Industry Outlook - The wind turbine industry is expected to continue growing, with applications in various sectors such as rail transportation, energy, and marine engineering [2] - As the industry moves towards high-end equipment, demand for wind turbines is anticipated to increase, benefiting the company as a specialized player in the market [2] Investment Forecast - The company’s revenue projections for 2025-2027 are 577 million yuan, 603 million yuan, and 612 million yuan, with year-on-year growth rates of 9.04%, 4.51%, and 1.54% respectively [3] - Net profit forecasts for the same period are 65 million yuan, 67 million yuan, and 68 million yuan, with growth rates of 18.31%, 3.76%, and 0.95% respectively [3] - The estimated earnings per share (EPS) for 2025-2027 are 0.88 yuan, 0.91 yuan, and 0.92 yuan, with corresponding price-to-earnings ratios of 48.47, 46.71, and 46.28 [3]
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