Xin Lang Cai Jing·2025-09-03 00:39Core Insights - The company reported a revenue of 28.537 billion yuan for H1 2025, representing a year-on-year increase of 41.26%, and a net profit attributable to shareholders of 1.488 billion yuan, up 7.26% year-on-year [1] - In Q2 2025, the company achieved a revenue of 19.065 billion yuan, with a year-on-year increase of 44.18% and a quarter-on-quarter increase of 101.28%, while the net profit was 919 million yuan, down 12.80% year-on-year but up 61.78% quarter-on-quarter [1] - The wind turbine segment saw significant growth, with revenue reaching 21.852 billion yuan in H1 2025, a year-on-year increase of 71.15%, and sales of 10.64 GW, up 106.60% year-on-year [1] Revenue and Profitability - The company's gross margin for H1 2025 was 15.35%, and the net margin was 5.83%, both showing a decline of 2.90 percentage points and 1.28 percentage points year-on-year, respectively [1] - The gross margin for the wind turbine and components segment was 7.97% in H1 2025, an increase of 4.22 percentage points year-on-year [2] International Expansion - The company actively expanded its overseas business, achieving overseas revenue of 8.379 billion yuan in H1 2025, a year-on-year increase of 75.34%, with overseas business accounting for 29.36% of total revenue [2] - The gross margin for overseas business was 18.74%, higher than the domestic margin of 13.94% [2] - As of H1 2025, the company had a cumulative installed capacity of 10.03 GW in international business [2] Wind Farm Development - The pace of wind farm development has slowed, with new equity grid-connected capacity of 0.71 GW and transferred equity grid-connected capacity of 0.10 GW in H1 2025 [2] - The company reported a total of 8.65 GW of cumulative equity grid-connected capacity and 3.71 GW of equity under construction as of the end of H1 2025 [2] Wind Power Service Business - The wind power service business showed steady growth, with a project capacity of nearly 45.95 GW, a year-on-year increase of 37.0% [3] - The company generated service revenue of 2.896 billion yuan in H1 2025, up 21.99% year-on-year, with after-service revenue of 1.755 billion yuan, an increase of 9.56% year-on-year [3] Investment Outlook - The company is positioned to benefit from the high demand for domestic wind power installations and improvements in turbine pricing, which may lead to a recovery in profitability [4] - Revenue projections for 2025-2027 are 78.833 billion yuan, 84.064 billion yuan, and 92.153 billion yuan, with year-on-year growth rates of 39.0%, 6.6%, and 9.6%, respectively [4] - Net profit projections for the same period are 3.146 billion yuan, 3.983 billion yuan, and 4.766 billion yuan, with year-on-year growth rates of 69.1%, 26.6%, and 19.7%, respectively [4]