三一重能（688349）：海外持续突破，费用大幅改善

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 being 1.76 billion, 2.54 billion, and 3.06 billion RMB respectively, corresponding to PE ratios of 20, 14, and 12 times [4]. Core Insights - The company reported a revenue of 8.59 billion RMB for the first half of 2025, marking a year-on-year increase of 62.8%, while the net profit attributable to shareholders was 210 million RMB, a decline of 51.5% [2]. - In Q2, the company achieved a revenue of 6.41 billion RMB, reflecting an 80.3% year-on-year growth and a 193% quarter-on-quarter increase, with a net profit of 400 million RMB, up 139% year-on-year, indicating a turnaround from losses [2]. - The company experienced a significant increase in wind turbine sales, with an external sales capacity of 4.72 GW in the first half, a 44% increase year-on-year, achieving a revenue of 6.41 billion RMB, up 30.3% year-on-year, although the gross margin decreased by 10.4 percentage points due to low-priced orders from 2024 being delivered [2][3]. - The company has seen a substantial increase in overseas wind turbine sales, generating 230 million RMB in revenue with a gross margin of 20.2%, significantly higher than the domestic gross margin of approximately 4.1% [3]. - The company has secured over 2 GW of new overseas orders in 2025, with a total order value exceeding 10 billion RMB, indicating a strong growth trajectory in international markets [3]. - The company has successfully reduced its expense ratios, with sales, management, and R&D expense ratios decreasing to 3.45%, 3.51%, and 4.28% respectively, suggesting improved operational efficiency [3]. Summary by Sections Performance Review - The company reported a total revenue of 8.59 billion RMB for the first half of 2025, a 62.8% increase year-on-year, while the net profit attributable to shareholders was 210 million RMB, down 51.5% [2]. Operational Analysis - The company achieved a record external sales capacity of 4.72 GW for wind turbines, with revenue from this segment reaching 6.41 billion RMB, a 30.3% increase year-on-year, despite a decline in gross margin due to low-priced orders [2][3]. - The overseas wind turbine sales generated 230 million RMB in revenue, with a gross margin of 20.2%, significantly outperforming domestic margins [3]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 1.76 billion, 2.54 billion, and 3.06 billion RMB, with corresponding PE ratios of 20, 14, and 12 times, maintaining a "Buy" rating [4].