Windey(SZ:300772) Xin Lang Cai Jing·2025-10-31 06:48Company Performance - Company reported Q3 revenue of 7.59 billion yuan, a quarter-on-quarter increase of 10.3%, and a net profit attributable to shareholders of 110 million yuan, up 27.1% quarter-on-quarter [1] - The gross profit margin for Q3 was 9.3%, an increase of 1.2 percentage points quarter-on-quarter, attributed to improved wind turbine gross margins, which are estimated at 8% for Q3 [1] - The company achieved a turnaround in profitability, with a non-recurring net profit of 90 million yuan, up 14.9% quarter-on-quarter [1] Wind Turbine Segment - Wind turbine shipments reached 4.7 GW in Q3, a 17.5% increase quarter-on-quarter, with expectations for continued growth in Q4 [1] - The company has a strong order backlog of approximately 47 GW as of the end of Q3, with new orders exceeding 18 GW in September [1][2] - Price trends for wind turbines are expected to stabilize and improve, with the average bidding price for onshore wind projects rising by over 10% since the beginning of the year, reaching 1,593 yuan/kW in September [2] Industry Outlook - The industry is experiencing upward trends in both volume and price, with a focus on high-quality development and self-discipline among companies [2] - The "Wind Energy Beijing Declaration 2.0" sets ambitious targets for annual new installations of 120 GW and 140 GW for the 14th and 15th Five-Year Plans, respectively, reinforcing confidence in industry growth [2] Profit Forecast and Valuation - The company has adjusted its revenue assumptions for the 2025 power station transfer business downward, while increasing the gross margin assumptions for wind turbine manufacturing due to rapid recovery [3] - Projected net profits for 2025-2027 are 556 million yuan, 1.265 billion yuan, and 1.63 billion yuan, respectively, with corresponding EPS of 0.71, 1.61, and 2.07 yuan [3] - The target price for the company is set at 23.57 yuan, based on a PE ratio of 14.64x for 2026 [3]