Xin Lang Cai Jing·2025-12-26 00:42Group 1 - The company is a leading provider of wind power solutions, maintaining the top market share in China for 14 consecutive years and globally for 3 years, benefiting from a recovery in wind power demand and stable pricing, with revenue of 48.147 billion yuan and net profit of 2.584 billion yuan in the first three quarters of 2025, representing increases of 34.34% and 44.21% respectively [1] - Wind turbine prices have stabilized, initiating a recovery cycle for gross margins, with the average bidding price for turbines reaching 1610 yuan/kW in September 2025, a year-on-year increase of 9.2%, and the company’s gross margin for turbine manufacturing expected to continue improving [1] - The company’s order backlog reached a historical high of 52.5 GW by the end of Q3 2025, indicating strong future revenue potential [1] Group 2 - The offshore wind power sector in China is experiencing rapid growth, with an expected addition of 25 GW by 2030, and the company capturing 19.60% of new domestic offshore installations in 2024, ranking second in the market [2] - The company is expanding its overseas market presence, with a 41.7% year-on-year increase in exports, totaling 5193.7 MW in 2024, and a cumulative export capacity of 9790.8 MW by the end of 2024, significantly exceeding competitors [2] - The gross margin for the company’s overseas business reached 18.7% in the first half of 2025, indicating strong profitability potential from international operations [2] Group 3 - The company is expected to see continued profit growth, with projected net profits of 3.732 billion yuan, 5.120 billion yuan, and 5.571 billion yuan for 2025-2027, reflecting year-on-year growth rates of 100.6%, 37.2%, and 8.8% respectively [3] - The estimated earnings per share (EPS) for the same period are projected to be 0.88 yuan, 1.21 yuan, and 1.32 yuan, with corresponding price-to-earnings (PE) ratios of 20, 14, and 13 times [3] - The company is rated "Buy" based on its strong industry position, improving order structure, and favorable market conditions [3]