Great Wall Securities·2025-08-26 06:46Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5][19]. Core Views - The company's wind turbine manufacturing profitability has significantly improved, with a notable increase in the delivery of large models. The overall gross margin and net margin for the first half of 2025 were 15.35% and 5.83%, respectively, showing a recovery in manufacturing profitability [2][10]. - The company has a robust order backlog, with a total of 51.81 GW of orders as of June 30, 2025, representing a year-on-year increase of 45.58%. This includes 7.36 GW of overseas orders, indicating a strong international market presence [3][10]. - The report highlights the acceleration of wind power services overseas, with a significant increase in revenue from wind power services, which grew by 21.99% year-on-year in the first half of 2025 [4][9]. Financial Summary - The company is projected to achieve revenues of 72.68 billion yuan, 80.49 billion yuan, and 88.22 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 3.01 billion yuan, 3.65 billion yuan, and 4.10 billion yuan [1][10]. - The earnings per share (EPS) are expected to increase from 0.71 yuan in 2025 to 0.97 yuan in 2027, reflecting a positive growth trajectory [1][10]. - The report notes a significant increase in sales of wind turbines and components, with revenue reaching 218.52 billion yuan in the first half of 2025, a year-on-year increase of 71.15% [2].