Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company focuses on new energy (wind power, hydrogen energy, energy storage) and new infrastructure (power grid, data centers) [2] - The company reported a revenue of 180 million yuan in H1 2025, a year-on-year increase of 15.41%, while the net profit attributable to the parent company was 14.48 million yuan, a decrease of 27.47% [4] - The company is expected to benefit from the growth in the clean energy sector, particularly in wind power and energy storage, leading to increased order volumes and revenue [5][6] Financial Summary - The total market capitalization of the company is 3.506 billion yuan, with a circulating market capitalization of 984 million yuan [2] - The company's revenue is projected to grow from 347 million yuan in 2024 to 659 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.8% [8] - The net profit attributable to the parent company is expected to increase from 30 million yuan in 2024 to 70 million yuan in 2027, with corresponding EPS rising from 0.34 yuan to 0.80 yuan [8] - The company has a current P/E ratio of 79.0 for 2025, which is expected to decrease to 49.9 by 2027, indicating improving valuation metrics [8] Market Dynamics - The demand for onshore and offshore wind power installations is expected to grow, driven by national carbon neutrality goals and advancements in technology [5] - The company has established partnerships with several universities for research and development, enhancing its innovation capabilities [6]
方盛股份（832662）：战略聚焦新能源（风电、氢能、储能）与新基建（电网、数据中心）