惠柏新材：前三季度净利润同比增长1222.38% 风电装机高景气驱动业绩成长

Core Viewpoint - Huibai New Materials (惠柏新材) has demonstrated significant growth in its financial performance, driven by the booming wind power industry and diversification into new composite materials [1][2][3] Financial Performance - In Q3 2025, Huibai New Materials reported a revenue of 1.641 billion yuan, representing a year-on-year increase of 76.34% - The net profit attributable to shareholders reached 60.3354 million yuan, showing a remarkable growth of 1222.38% compared to the previous year [1] Industry Context - The wind power industry in China remains robust, with cumulative installed capacity reaching 580 million kilowatts by the end of September 2025, a year-on-year increase of 21.3% - New installed wind power capacity from January to September 2025 was 61.09 million kilowatts, up 56.16% year-on-year [1] Product Diversification - Huibai New Materials has successfully penetrated various high-growth sectors with its new composite materials, including hydrogen storage, automotive lightweighting, and sports equipment [2] - The company has developed specialized epoxy resins for high-pressure containers and rapid curing RTM epoxy resins for carbon fiber composite components [2] Strategic Initiatives - The company is expanding into the "low-altitude economy" sector, having completed the R&D phase for its HP-RTM resin project, which has already secured small batch orders from clients [2] - This strategic move positions Huibai New Materials in the supply chain for advanced manufacturing in drones and eVTOLs [2] Competitive Advantage - Huibai New Materials has established a solid development framework characterized by a strong foundation in wind power materials and diversified growth points [3] - The company aims to maintain its leadership in wind power materials while exploring opportunities in the new composite materials market through continuous innovation and market-responsive capacity planning [3]