Guoxin Securities·2025-09-09 11:22Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][35] Core Views - The company achieved a net profit of 1.91 billion yuan in the first half of 2025, representing a year-on-year increase of 12.9%. Revenue for the same period was 38.15 billion yuan, up 14% year-on-year, with a gross margin of 15.5% [1][8] - New orders signed in the first half of 2025 totaled 65.49 billion yuan, a year-on-year increase of 17%. Renewable energy equipment orders increased by 44% year-on-year, while clean and efficient energy equipment orders decreased by 3% [3][28] - The company is expected to reach a peak in coal power and other industry deliveries in 2025, with a forecasted production capacity of 73 GW, up 26% from 58.1 GW in 2024 [4][28] Financial Performance - In the second quarter of 2025, the company reported revenue of 21.6 billion yuan, a year-on-year increase of 17.4% and a quarter-on-quarter increase of 30.6%. The net profit for Q2 was 756 million yuan, down 3.8% year-on-year and down 34.5% quarter-on-quarter [1][8] - The company recorded a total of 667 million yuan in impairment losses in the first half of 2025, an increase of 422 million yuan compared to the same period in 2024 [2][16] - The company maintained a period expense ratio of 9.0% in the first half of 2025, a decrease of 1.3 percentage points year-on-year [2][16] Order and Production Outlook - The company has a robust order backlog, with a target to complete a production capacity of 73 GW in 2025. The order quality in hydropower has significantly improved, and the company maintains the top market share in nuclear and gas power [3][4][28] - The company successfully passed assembly acceptance for the 500MW hydropower generator components and achieved breakthroughs in overseas orders for heavy-duty gas turbines [2][15] Profit Forecast - The profit forecast for 2025-2027 is maintained at 4.34 billion, 5.52 billion, and 6.09 billion yuan, respectively, with year-on-year growth rates of 48.5%, 27%, and 10.3% [4][5][28] - The current stock price corresponds to a PE ratio of 15.2 for 2025, 11.9 for 2026, and 10.8 for 2027 [4][5][28]