Xin Lang Cai Jing·2025-10-27 12:37Core Insights - The company reported Q3 2025 revenue of 19.61 billion yuan, a year-on-year increase of 25.4%, and a net profit attributable to shareholders of 1.097 billion yuan, up 170.64% [1] - The company achieved a total revenue of 48.147 billion yuan for the first three quarters, reflecting a year-on-year growth of 34.34% [1] Financial Performance - Q3 2025 gross margin improved to 13.00%, an increase of 0.84 percentage points quarter-on-quarter, driven mainly by improved margins in the wind turbine manufacturing business [2] - The total profit for Q3 was 1.6 billion yuan, with a core profit of 730 million yuan after excluding investment income and fair value changes [2] Wind Turbine Business - The company sold 18.4 GW of wind turbines in the first three quarters, a significant increase of 90.01% year-on-year, with approximately 7.8 GW sold in Q3 alone [2] - As of the end of Q3, the company had a total of 38.86 GW in external pending orders and 11.01 GW in signed but unexecuted orders, totaling 49.87 GW in hand [2] Hydrogen and Ammonia Projects - The company added 745 MW of new wind power capacity in the first nine months of 2025, with a total of 8,688 MW of self-operated wind power capacity as of Q3 [3] - The successful verification of the biomass gasification furnace process for the green hydrogen and green methanol project is expected to yield an annual production capacity of 1.45 million tons upon full operation [3] - The total investment for the integrated hydrogen and ammonia project is approximately 18.92 billion yuan, which is anticipated to contribute positively to the company's performance [3] Profit Forecast - The profit forecast for the company has been adjusted to 3.693 billion yuan, 4.918 billion yuan, and 6.206 billion yuan for 2025-2027, respectively, reflecting an increase from previous estimates [3] - The current stock price corresponds to dynamic P/E ratios of 18.1, 13.6, and 10.8 for the respective years [3]