MYSE(SH:601615) Minsheng Securities·2025-08-29 13:19Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company achieved a revenue of 17.143 billion yuan in H1 2025, representing a year-on-year growth of 45.33%. However, the net profit attributable to shareholders decreased by 7.68% to 610 million yuan [1]. - The wind turbine manufacturing segment saw significant growth, with external sales reaching approximately 8.10 GW in H1 2025, a 102% increase year-on-year, and sales revenue of 12.48 billion yuan, up 57.5% [2]. - The company is positioned as a leader in offshore wind power, with a strong focus on technological innovation and supply chain management, having completed a product lineup for 25 MW full-power products and established a leading presence in the European offshore wind market [2]. Financial Summary - Revenue projections for 2025-2027 are estimated at 42.186 billion yuan, 49.630 billion yuan, and 52.298 billion yuan, with growth rates of 55%, 18%, and 5% respectively. Net profit attributable to shareholders is projected to be 1.781 billion yuan, 2.586 billion yuan, and 3.262 billion yuan, with growth rates of 414%, 45%, and 26% respectively [3][4]. - The report indicates a decrease in gross margin to approximately 12.12% in H1 2025, down 6.60 percentage points year-on-year, and a net profit margin of 3.71%, down 2.07 percentage points year-on-year [1].