SEWPG(SH:688660) Xin Lang Zheng Quan·2025-09-16 09:36Core Insights - The wind power sector in A-shares has shown revenue growth among major wind turbine manufacturers, but net profit has displayed significant divergence [1][3] - The domestic wind power market is facing intensified competition, with turbine sales prices remaining low, posing challenges to profitability for manufacturers [1][3] - Electric Wind Power, the smallest listed wind turbine manufacturer, reported a revenue of 2.66 billion yuan, a year-on-year increase of 118.6%, but still recorded a net loss of 280 million yuan [1][3] Revenue and Profitability Summary - Jin Feng Technology: Revenue of 28.54 billion yuan, growth of 41.3%, net profit of 1.49 billion yuan, growth of 7.3% [3] - Mingyang Smart Energy: Revenue of 17.14 billion yuan, growth of 45.3%, net profit of 610 million yuan, decline of 7.7% [3] - Yunda Co.: Revenue of 10.89 billion yuan, growth of 26.3%, net profit of 140 million yuan, decline of 2.6% [3] - Sany Heavy Energy: Revenue of 8.59 billion yuan, growth of 62.8%, net profit of 210 million yuan, decline of 51.5% [3] - Electric Wind Power: Revenue of 2.66 billion yuan, growth of 118.6%, net profit of -280 million yuan, growth of 27.9% [3] Performance Trends - Electric Wind Power has faced a decline in net profit since its IPO in May 2021, with losses of 338 million yuan, 1.271 billion yuan, and 785 million yuan projected for 2022 to 2024 [3] - The company has increased R&D investment to 239 million yuan, a year-on-year increase of 19.19%, with a high R&D expense ratio of 9.0% [3][4] Inventory and Financial Health - Electric Wind Power's gross margin decreased to 14.66%, down 1.47 percentage points year-on-year, indicating ongoing financial struggles [4] - The company reported significant impairment losses from inventory, amounting to 155 million yuan and 124 million yuan for 2023 and 2024, respectively [6] - As of June 2025, the company's inventory value reached 4.166 billion yuan, accounting for 86.04% of net assets, a year-on-year increase of 64% [6] Strategic Measures - In response to challenges, Electric Wind Power has implemented various strategies, including switching to land-based product technology, upgrading offshore products, and optimizing management [8] - Despite a reduction in operating expense ratio by 23.27 percentage points, the company has not been able to reverse its loss situation [8] - The company's debt ratio reached 85% by mid-2025, an increase of nearly 7 percentage points year-on-year, marking a historical high [8]