Windey(SZ:300772) Xin Lang Cai Jing·2025-10-30 06:45Core Insights - The company's Q3 2025 performance met market expectations, with revenue of 7.592 billion yuan, a year-on-year increase of 43.22% and a quarter-on-quarter increase of 10.28%. However, net profit attributable to shareholders was 108 million yuan, reflecting a year-on-year decrease of 9.64% but a quarter-on-quarter increase of 27.12% [1] Financial Performance - Q3 2025 revenue reached 7.592 billion yuan, up 43.22% year-on-year and 10.28% quarter-on-quarter [1] - Net profit attributable to shareholders was 108 million yuan, down 9.64% year-on-year but up 27.12% quarter-on-quarter [1] - The company's comprehensive gross margin in Q3 2025 was 9.27%, with wind turbine gross margin exceeding 8%, an increase from 7.27% in the first half of 2025 [1] Order Backlog and Growth Potential - As of the end of Q3 2025, the company had a strong order backlog of 46.87 GW, indicating continued growth potential [1] - The company is expected to benefit from increased wind turbine delivery prices in 2026, leading to improved gross margins [2] Profit Forecast and Valuation - The company's 2025 profit forecast was revised down by 8.2% to 651 million yuan due to slower-than-expected pace of power station sales [3] - The 2026 profit forecast was raised by 17.8% to 1.146 billion yuan, reflecting optimism about the domestic wind product market [3] - The current stock price corresponds to a P/E ratio of 21.8 times for 2025 and 12.4 times for 2026, with a target price increase of 7.7% to 23.29 yuan, indicating a potential upside of 28.9% [3]