Core Viewpoint - The company reported strong financial performance in 1H25, with significant year-on-year increases in both revenue and net profit, driven by the delivery of multiple offshore wind projects [1] Financial Performance - In 1H25, the company achieved revenue of 2.03 billion yuan, a year-on-year increase of 461.07%, and a net profit attributable to shareholders of 205 million yuan, up 90.61% year-on-year [1] - In 2Q25, the company reported revenue of 1.593 billion yuan, a year-on-year increase of 570.62% and a quarter-on-quarter increase of 264.99%. The net profit for the quarter was 141 million yuan, reflecting a year-on-year increase of 315.77% and a quarter-on-quarter increase of 121.16% [1] - The strong performance in 2Q25 was attributed to the concentrated delivery phase of several offshore wind projects, although profits were impacted by a credit impairment loss of 45 million yuan [1] - The company’s revenue from tower, pile, and jacket products in 1H25 was 292 million yuan, 1.564 billion yuan, and 136 million yuan, with gross margins of 11.91%, 16.30%, and 19.44% respectively [1] - The gross margin for 2Q25 reached 17.6%, marking a historical high for a single quarter since the price parity of domestic offshore wind in 2022 [1] Development Trends - The company is expected to benefit structurally from the increased volume of domestic jacket products starting in 2H25, with potential breakthroughs in overseas markets [2] - The domestic offshore wind industry has gradually resolved past obstacles, leading to improved construction sentiment, and a sustained growth trend is anticipated post-2025 [2] - The company is expected to benefit from the bulk delivery of jacket products for the Shandong Peninsula North L project starting in 2H25, with further benefits anticipated from high-margin deep-sea jacket applications in 2026 [2] - The European market is experiencing tight supply for offshore wind monopiles and jackets, presenting potential order opportunities for the company in the next 1-2 years [2] Profit Forecast and Valuation - The company maintains its profit forecast for 2025, while the profit forecast for 2026 has been raised by 25.3% to 1.084 billion yuan, driven by higher-end jacket product demand [3] - The current stock price corresponds to price-to-earnings ratios of 25.1 times for 2025 and 15.2 times for 2026 [3] - The company is expected to outperform the industry due to improved product competitiveness and profit margin trends, with a target price increase of 20% to 90.91 yuan, reflecting an upside potential of 19.6% from the current stock price [3]
海力风电(301155)：2Q25业绩符合市场预期 盈利已呈现拐点