Core Viewpoint - The company reported its Q3 2025 results, showing significant year-on-year growth in revenue and net profit, but the performance fell short of market expectations due to weather impacts and impairment losses [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 3.671 billion yuan, a year-on-year increase of 246.01%, and a net profit attributable to shareholders of 347 million yuan, up 299.36% [1]. - In Q3 alone, the company reported revenue of 1.641 billion yuan, reflecting a year-on-year growth of 134.73%, with a net profit of 141 million yuan, which is a staggering increase of 779.32% year-on-year [1]. - The Q3 gross margin was 15.22%, with year-on-year and quarter-on-quarter changes of +7.07 percentage points and -2.37 percentage points, respectively [1]. Operational Challenges - Weather conditions affected the delivery schedule of offshore engineering products, leading to some deliveries being postponed to Q4, resulting in lower-than-expected shipment volumes in Q3 [1]. - The company faced short-term pressure on profitability due to increased depreciation and amortization expenses from the first phase of the Qidong project and additional costs incurred from expedited production [1]. - In Q3, the company made provisions for bad debts, with total impairment provisions amounting to approximately 26.684 million yuan, which impacted short-term performance [1]. Future Outlook - The company is optimistic about the deep-sea and export business, with domestic deep-sea wind projects progressing steadily and multiple overseas projects expected to break ground by early 2026, which are anticipated to have high net profit per ton [2]. - The company has a well-established production base with multiple facilities and is planning additional bases to ensure the delivery of offshore wind products [2]. - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 511 million yuan, 990 million yuan, and 1.347 billion yuan, respectively, leading to a maintained "buy" rating [2].
海力风电(301155)：Q3业绩不及市场预期 看好深远海及出口业务中期量利弹性