SEWPG(SH:688660) Xin Lang Cai Jing·2025-09-16 10:41Core Viewpoint - The wind power industry in A-shares is experiencing growth in revenue among major wind turbine manufacturers, but net profit shows significant divergence, particularly for Electric Wind Power, which continues to face severe challenges in profitability and operational efficiency [1][2]. Group 1: Financial Performance - In the first half of the year, Electric Wind Power achieved revenue of 2.66 billion yuan, a year-on-year increase of 118.6%, but reported a net profit of -280 million yuan, indicating ongoing losses [1]. - Since its IPO in May 2021, Electric Wind Power's net profits have deteriorated, with losses of -338 million yuan, -1.271 billion yuan, and -785 million yuan projected for 2022 to 2024 [1]. - The company's gross margin for the first half of the year was 14.66%, a decrease of 1.47 percentage points year-on-year, reflecting persistent deep losses since its listing [1]. Group 2: R&D and Innovation - Electric Wind Power increased its R&D investment to 239 million yuan in the first half of 2025, a year-on-year growth of 19.19%, with a R&D expense ratio of 9.0% [1]. - The company added 40 new patents and completed the development of several offshore and onshore turbine models during this period [1]. Group 3: Inventory and Operational Challenges - The company faces significant inventory issues, with impairment losses from inventory expected to reach 155 million yuan and 124 million yuan in 2023 and 2024, respectively [3]. - As of June 2025, the book value of Electric Wind Power's inventory was 4.166 billion yuan, accounting for 86.04% of its net assets, a year-on-year increase of 64% [3]. - The company's inventory turnover days are consistently higher than comparable companies, indicating operational inefficiencies [3]. Group 4: Financial Health and Debt Levels - By mid-2025, Electric Wind Power's debt-to-asset ratio reached 85%, an increase of nearly 7 percentage points year-on-year, marking a historical high for the company [3]. - The company has implemented various measures to address challenges, including switching to onshore product technology routes and optimizing management, but these efforts have not yet reversed the trend of ongoing losses [3].