泰胜风能(300129)季报点评：Q3交付景气向上 盈利能力同比改善

Core Insights - The company reported a revenue of 3.7 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 26%, with a net profit attributable to shareholders of approximately 220 million yuan, up 45% year-on-year [1] - In Q3 alone, the company achieved a revenue of 1.4 billion yuan, a year-on-year increase of 9%, and a net profit of about 100 million yuan, reflecting a significant growth of 395% year-on-year [1] Revenue Analysis - The slight year-on-year revenue growth in Q3 is primarily attributed to an increase in shipment volume [2] - The gross profit margin for Q3 was approximately 13.4%, showing an improvement year-on-year, likely due to a low base from the previous year and an increase in order delivery prices [2] Expense Management - The expense ratio for Q3 was about 6.3%, a decrease of 2.2 percentage points year-on-year, mainly due to the dilution effect from increased revenue [2] - Specific expense ratios included: management expense ratio at 3.8% (down 0.2 percentage points), R&D expense ratio at 1.4% (down 1.3 percentage points), financial expense ratio at 0.3% (down 1.2 percentage points), and sales expense ratio at 0.8% (up 0.5 percentage points) [2] Other Financial Metrics - As of the end of Q3 2025, the company's inventory and contract liabilities were approximately 2.3 billion yuan and 600 million yuan, respectively, both at historical highs [3] - The company had approximately 4.77 billion yuan in executed and pending orders, with significant contributions from onshore wind power equipment and offshore wind power orders [3] Future Outlook - The company is actively developing the Yangzhou offshore wind base, which is expected to capitalize on domestic and international offshore wind opportunities, enhancing growth potential [3] - The company is also pursuing new business ventures in commercial aerospace, which may open up a second growth curve and future growth space [3] - Projected net profits for 2025 and 2026 are approximately 330 million yuan and 450 million yuan, corresponding to price-to-earnings ratios of 21 times and 16 times, respectively [3]