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金风科技(002202):风机业务盈利水平显著提升
Ping An Securities·2025-08-24 10:18

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company's wind turbine business has significantly improved profitability, with a gross margin of 7.97%, an increase of 4.22 percentage points year-on-year [7] - The company achieved a revenue of 28.537 billion yuan in the first half of 2025, a year-on-year increase of 41.26%, and a net profit attributable to shareholders of 1.488 billion yuan, up 7.26% year-on-year [4][7] - The company has a strong order backlog, with external wind turbine orders totaling 51.81 GW, a year-on-year increase of 45.58% [7] Financial Summary - Revenue projections for 2025-2027 are 30.04 billion, 44.28 billion, and 53.31 billion yuan respectively, with corresponding dynamic P/E ratios of 14.9, 10.1, and 8.4 [8] - The company’s operating income is expected to grow significantly, with a projected revenue of 77.314 billion yuan in 2025, reflecting a year-on-year growth of 36.4% [6][9] - The gross margin is expected to stabilize around 14.3% in 2025, with a net profit margin of 3.9% [6][9]