研报掘金丨民生证券：首予运达股份“推荐”评级，风机制造业务迎来盈利拐点

Core Viewpoint - The report from Minsheng Securities indicates that Windar's net profit attributable to shareholders for the first half of the year is 144 million yuan, a year-on-year decrease of 2.62%, while the net profit for Q2 is 85 million yuan, showing a year-on-year increase of 10.41% and a quarter-on-quarter increase of 44.27% [1] Financial Performance - The gross profit margins for various segments are as follows: wind turbine manufacturing at 7.27%, new energy EPC contracting at 6.75%, power generation revenue at 22.31%, and new energy power station development and transfer income at 61.09% [1] - The company is recognized as a leading state-owned enterprise in the wind turbine sector, with an increasing market share and potential for profit recovery [1] Market Outlook - Long-term order stability is expected to support future performance growth, with improvements in the bidding market and an increase in the proportion of high-margin large megawatt models contributing to this outlook [1] - The gross profit margin for the wind turbine business is projected to recover to 7.27% in the first half of 2025, up from 6.08% in 2024, reflecting a positive trend in domestic and international wind power demand [1] Investment Recommendation - Given the recovery in profitability for the wind turbine manufacturing business and the favorable market conditions, the company is initiating coverage with a "recommended" rating [1]