泰胜风能(300129)2025半年报点评：在手订单同比增长 静待盈利能力修复

Core Insights - The company experienced revenue growth in the first half of 2025, but profits declined due to lower gross margins in both domestic and international operations [1] Financial Performance - For the first half of 2025, the company's revenue was 2.299 billion, an increase of 38.83% year-on-year, while the net profit attributable to shareholders was 119 million, a decrease of 8.08% [2] - The gross margin for the first half of 2025 was 12.88%, down 6.85 percentage points year-on-year, and the net margin was 5.01%, down 2.79 percentage points [2] - In Q2 2025, revenue reached 1.504 billion, a year-on-year increase of 50.56% and a quarter-on-quarter increase of 89.15% [2] Order Backlog - As of June 30, 2025, the company had an order backlog of 5.475 billion, a year-on-year increase of 29.19% [3] - The order backlog included 4.173 billion for onshore wind equipment (including concrete towers), up 27.10% year-on-year, and 1.277 billion for offshore wind and marine engineering equipment, up 59.10% year-on-year [3] - Domestic orders accounted for 4.179 billion, a year-on-year increase of 33.27%, while international orders were 1.296 billion, up 17.58% [3] Segment Performance - Revenue from onshore wind equipment (including concrete towers) was 1.882 billion, accounting for 81.87% of total revenue, with a year-on-year increase of 25.61 [3] - Revenue from offshore wind and marine engineering equipment was 363 million, accounting for 15.80% of total revenue, with a significant year-on-year increase of 226.21% [3] - Domestic revenue for the first half of 2025 was 1.453 billion, up 89.52% year-on-year, while international revenue was 845 million, down 4.91% [3] Margin Analysis - The gross margin for onshore wind equipment was 12.72%, down 6.94 percentage points year-on-year, while the gross margin for offshore wind equipment was 9.29%, up 6.99 percentage points [4] - The decline in domestic project margins was attributed to rising raw material costs, while changes in customer structure affected international margins [4]