风电板块25Q2业绩修复，塔筒环节表现较好

Core Viewpoint - In H1 2025, the wind power grid connection pace is accelerating, leading to a recovery in the overall wind power industry chain, with steady growth in revenue and profit scale year-on-year. The total operating revenue of the wind power industry chain reached 179.402 billion yuan, a year-on-year increase of 29.35%, while the net profit attributable to the parent company was 9.824 billion yuan, up 16.19% year-on-year [2][3] Revenue and Profit Summary - In Q2 2025, the total operating revenue of the wind power industry chain was approximately 108.973 billion yuan, representing a year-on-year growth of 32.66% and a quarter-on-quarter increase of 54.73%. The gross profit margin was 14.70%, down 2.02 percentage points year-on-year and 1.64 percentage points quarter-on-quarter. The net profit attributable to the parent company was 6.166 billion yuan, up 19.03% year-on-year and 68.57% quarter-on-quarter [2][3] Segment Performance Complete Machine Segment - The complete machine segment saw revenue growth, with H1 2025 operating revenue of 67.832 billion yuan, a year-on-year increase of 43.94%. The net profit attributable to the parent company was 2.172 billion yuan, a slight year-on-year decline of 3.10%. In Q2 2025, revenue reached 43.688 billion yuan, up 50.02% year-on-year and 80.95% quarter-on-quarter, with net profit of 1.622 billion yuan, a year-on-year increase of 9.55% and a quarter-on-quarter increase of 194.59% [3] Tower Segment - The tower segment experienced significant growth, with H1 2025 revenue of 10.817 billion yuan, a year-on-year increase of 59.13%. The net profit attributable to the parent company was 994 million yuan, up 43.60% year-on-year. In Q2 2025, revenue was 6.954 billion yuan, a year-on-year increase of 74.76% and a quarter-on-quarter increase of 80.03%, with net profit of 573 million yuan, up 79.42% year-on-year and 35.90% quarter-on-quarter [3] Submarine Cable Segment - The submarine cable segment maintained revenue growth, with H1 2025 revenue of 64.670 billion yuan, a year-on-year increase of 14.60%. However, net profit attributable to the parent company was 3.942 billion yuan, down 3.74% year-on-year. In Q2 2025, revenue was 37.668 billion yuan, up 13.09% year-on-year and 39.50% quarter-on-quarter, with net profit of 2.334 billion yuan, down 5.96% year-on-year but up 45.11% quarter-on-quarter [4][5] Other Segments - The bearing segment reported revenue of 2.181 billion yuan in Q2 2025, a year-on-year increase of 38.95% and a quarter-on-quarter increase of 17.02%, with net profit of 238 million yuan, up 2031.10% year-on-year. The forging segment had revenue of 4.116 billion yuan, a year-on-year increase of 62.24%, with net profit of 405 million yuan, down 2.96% year-on-year. The blade segment achieved revenue of 13.255 billion yuan, a year-on-year increase of 22.76%, with net profit of 858 million yuan, up 131.33% year-on-year [6] Investment Recommendations - The wind power industry chain is expected to continue its upward trend, driven by the acceleration of offshore wind project deliveries. The complete machine and tower segments are benefiting from increased installations, while the submarine cable segment continues to grow despite profit pressures. Other segments like blades, bearings, and forgings are also showing steady growth and improving profitability. Overall, the industry is poised for a recovery, presenting investment opportunities in leading companies as their performance improves and valuations rise [7]