海力风电（301155）：海风交付加速，盈利能力持续提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [6]. Core Insights - The company has accelerated the delivery of offshore wind products, resulting in a significant increase in profitability. The total revenue for the first half of 2025 reached 2.03 billion yuan, a year-on-year increase of 461.08%, with a net profit attributable to the parent company of 205 million yuan, up 90.61% year-on-year [6]. - The gross margin improved to 17.04%, reflecting a 15.16 percentage point increase compared to the previous year. The second quarter alone saw revenue of 1.59 billion yuan, a staggering growth of 570.63% year-on-year [6]. - The company has a robust order backlog, with unfulfilled contracts amounting to 4.533 billion yuan, ensuring continued production and delivery capabilities [6]. Financial Data and Profit Forecast - The company forecasts total revenue of 6.315 billion yuan for 2025, with a year-on-year growth rate of 366.2%. The net profit attributable to the parent company is projected to be 725 million yuan, reflecting a growth rate of 997.2% [5]. - Earnings per share (EPS) are expected to be 3.34 yuan for 2025, with projected EPS of 5.10 yuan and 6.56 yuan for 2026 and 2027, respectively [5]. - The gross margin is anticipated to improve to 19.4% in 2025 and further to 20.9% by 2027, indicating a positive trend in profitability [5].