恒润股份(603985.SH)：预计2025年归母净利润为6500万元到8000万元，将实现扭亏为盈

Core Viewpoint - Hengrun Co., Ltd. (603985.SH) is expected to achieve a net profit attributable to shareholders of the parent company between 65 million to 80 million yuan in 2025, marking a turnaround from losses in the previous year [1] Financial Performance - The projected net profit for 2025 represents a significant improvement compared to the previous year, with a net profit excluding non-recurring gains and losses expected to be between 70 million to 85 million yuan [1] Business Drivers - The turnaround in performance is primarily attributed to the recovery in the wind power sector, the ramp-up in production capacity of new products such as large wind power flanges and bearings, and improved contributions from the computing power segment [1] - The wind power industry has seen a rebound in demand, leading to increased orders and gross sales margins for the company's wind power segment [1] Operational Efficiency - The capacity utilization rates of wholly-owned subsidiaries Jiangyin Hengrun Ring Forging Co., Ltd. and Jiangyin Hengrun Transmission Technology Co., Ltd. have significantly improved, effectively reducing unit production costs [1] - The company is actively adjusting its product structure to focus on the research and production of high value-added products [1] Product Development - New products from subsidiaries have begun to receive certifications and are gradually being introduced to the market, with large wind power flanges and main shaft bearings now capable of bulk supply [1] - As orders increase, the contribution to performance from these new products is becoming increasingly evident [1] Market Expansion - Shanghai Runliuchu has intensified efforts in market customer development and actively expanded financing channels, leading to continuous growth in business scale and gradual performance contributions [1]