MYSE(SH:601615) Xin Lang Cai Jing·2025-12-09 00:25Core Viewpoint - The company is a leader in offshore wind turbine manufacturing and operations, with a strong market share in both offshore and onshore wind sectors, indicating a dual-driven growth strategy [1] Group 1: Market Position and Performance - The company holds the largest market share in offshore wind installations at 40.9% for 2023 and 31.3% for 2024, while its onshore market share is projected to be 10.0% and 12.9% for the same years, ranking fourth in the industry [1] - The domestic wind turbine prices are recovering from a low point, with an expected increase from 1,475 RMB/kW in September 2024 to 1,610 RMB/kW in September 2025, representing a growth of over 9% [1] - The company experienced a significant increase in overseas orders, with a 188% year-on-year growth in new orders amounting to 19.3 GW in the first three quarters of 2025 [1] Group 2: Order Growth and Profitability - The company reported a 7.9% year-on-year increase in new orders, totaling 18.33 GW in the first three quarters of 2025, with a backlog of 46.89 GW as of September 2025 [2] - The gross margin for wind turbine manufacturing is nearing the breakeven point, indicating a recovery in profitability for the segment [2] - The company is focusing on floating wind turbine technology, having launched a 50 MW floating turbine product, which is expected to lower costs to below 10,000 RMB/kW, enhancing commercial viability [2] Group 3: Future Growth Prospects - The establishment of a manufacturing base in Scotland is expected to accelerate the realization of overseas orders, with the first batch of production planned for the end of 2028 [2] - Revenue projections for the company are optimistic, with expected total revenues of 429 billion RMB, 487 billion RMB, and 575 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 58.0%, 13.4%, and 18.2% [3] - The net profit attributable to the parent company is forecasted to reach 12.9 billion RMB, 23.6 billion RMB, and 34.8 billion RMB for the same years, with substantial growth rates of 273%, 83%, and 47% [3]