ZMNY(SH:600163) Huachuang Securities·2025-08-29 07:55Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [6][22]. Core Views - The company's performance in the first half of 2025 was under pressure due to power restrictions and weak wind conditions, but there is optimism regarding the long-term growth potential of offshore wind projects [6]. - The report highlights the importance of upcoming offshore wind project allocations and the potential for asset injections to enhance future performance [6]. - The company is expected to benefit from favorable policies promoting marine economic development and the growth of offshore wind energy [6]. Financial Summary - Total revenue is projected to grow from 1,741 million in 2024 to 2,190 million in 2027, with a compound annual growth rate (CAGR) of 15.4% [2]. - Net profit attributable to shareholders is expected to increase from 651 million in 2024 to 826 million in 2027, reflecting a CAGR of 11.4% [2]. - Earnings per share (EPS) is forecasted to rise from 0.34 in 2024 to 0.43 in 2027, with a price-to-earnings (P/E) ratio decreasing from 15 to 12 over the same period [2]. Operational Performance - In the first half of 2025, the company reported a net profit of 314 million, a decrease of 8.07% year-on-year, with total revenue of 794 million, down 2.95% [6]. - The total power generation in the first half of 2025 was 14.05 billion kWh, a decline of 0.89% year-on-year, with significant drops in certain project outputs [6]. - The company’s offshore wind farms showed higher utilization hours compared to the national average, indicating operational efficiency [6]. Market Position and Future Outlook - The company has a strong geographical advantage and is well-positioned to leverage good wind resources and support from its parent company [6]. - The report anticipates that if the company secures new offshore wind resources, it will significantly bolster its growth prospects [6]. - The offshore wind sector is identified as a key development area for the upcoming five-year plan, with substantial growth potential expected [6].