风电零部件盈利向好，电网需求景气延续

Wind Power Sector - Wind power equipment industry achieved operating revenue of 171 billion yuan in Q1-Q3 2025, a year-on-year increase of 38.27% [1][2] - The net profit attributable to shareholders reached 5.7 billion yuan, up 9.73% year-on-year [1][2] - Gross margin for the wind power equipment sector was 13.52%, an increase of 0.3 percentage points compared to 2024 [1][2] - Net margin improved to 3.56%, up 0.5 percentage points from 2024 [1][2] - Return on equity (ROE) was 3.02%, a decrease of 0.2 percentage points from 2024 [1][2] - Significant profit growth observed in tower, pile, and bearing segments, with net profit increases of 394.75%, 207.99%, and 167.58% respectively, driven by demand growth, price increases, and product structure optimization [2][3] Wind Turbine and Submarine Cable Segments - Wind turbine segment reported a net profit of 819 million yuan in Q3 2025, a decline of 1.73% year-on-year [3] - Submarine cable segment net profit was 1.722 billion yuan, down 1.45% year-on-year [3] - Tower, pile, and bearing segments showed net profit growth, with tower and pile segment net profit at 421 million yuan, up 12.95% year-on-year [3] Power Grid Equipment Sector - Power grid equipment industry achieved operating revenue of 594.2 billion yuan in Q1-Q3 2025, a year-on-year increase of 7.50% [3][4] - Net profit attributable to shareholders reached 37 billion yuan, up 16.38% year-on-year [3][4] - Gross margin for the power grid equipment sector was 18.82%, an increase of 0.1 percentage points compared to 2024 [3][4] - Net margin improved to 6.81%, up 1.8 percentage points from 2024 [3][4] - Return on equity (ROE) was 7.40%, a decrease of 0.4 percentage points from 2024 [3][4] Performance by Segment in Power Grid Equipment - Transformer and smart equipment segments showed high growth, with transformer segment net profit at 1.27 billion yuan, up 9.86% year-on-year [4] - Combination electrical equipment benefited from ultra-high voltage construction, achieving a net profit of 1.313 billion yuan, up 33.04% year-on-year [4] - Smart segment maintained a growth rate of 18.68% in Q3 2025 [4] - Companies in the overseas segment are optimizing capacity through global layouts, which is expected to benefit from the upward trend in global grid investments [4] Investment Outlook - The new energy sector is expected to continue its positive trend into 2026, with increased offshore wind power development and high-value overseas orders opening up export opportunities for China's wind power [5] - The power grid equipment sector is anticipated to maintain high prosperity due to rising domestic grid investments [5] - Recommended stocks in the wind power sector include Dongfang Cable, Dajin Heavy Industry, and Goldwind Technology, while in the power grid equipment sector, notable mentions include Zhong Neng Electric and Pinggao Electric [5]