MYSE(SH:601615) Huan Qiu Lao Hu Cai Jing·2025-10-13 06:35Core Viewpoint - Mingyang Smart Energy plans to invest £1.5 billion (approximately ¥14.21 billion) to establish the UK's first integrated wind turbine manufacturing base in Scotland, aiming to enhance its offshore wind technology and expand its international presence [1][2]. Group 1: Investment and Project Phases - The investment project will be executed in three phases: the first phase involves constructing a wind turbine nacelle and blade manufacturing facility, with the first production expected by the end of 2028 [1]. - The second phase will focus on expanding production lines to accelerate the commercialization of floating wind technology in the UK [1]. - The third phase will extend to the production of control systems, electronic devices, and other critical components [1]. Group 2: Market Potential and Strategic Importance - The investment aligns with the UK’s strategic energy transition, as the government aims to double annual investments in clean energy by 2035, with offshore wind identified as a core industry [1]. - Mingyang Smart Energy's move to international markets is a significant step in its globalization strategy, leveraging the vast potential of overseas markets [1]. Group 3: Technological Advantages and Sales Performance - Mingyang Smart Energy holds a leading position in both onshore and offshore wind sectors, with its MySE series turbines featuring a fully sealed nacelle design and efficient heat exchangers, providing excellent corrosion resistance [2]. - The company has completed a product range layout for turbines up to 25MW, with a product line of 10-25MW capacity turbines and a floating wind turbine innovation system [2]. - In the first half of the year, the company achieved external sales of 8.10GW of wind turbines and secured new orders of 13.39GW, including approximately 1.7GW from overseas [2]. Group 4: Financial Performance - For the first half of the year, Mingyang Smart Energy reported a revenue increase of 45.33% to ¥171.43 billion, while net profit attributable to shareholders decreased by 7.68% to ¥6.10 billion [2]. - The decline in net profit is attributed to the delivery of lower-priced orders and a decrease in grid-connected electricity prices due to the entry of new energy sources [2]. - Domestic revenue accounted for ¥167.76 billion (97.86% of total revenue) with a gross margin of 12.11%, while overseas revenue was ¥3.67 billion with a gross margin of 12.37% [2].