海力风电（301155）：Q2业绩同比高增，存货历史高位奠定交付放量基础

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported significant revenue growth in the first half of 2025, with operating income reaching 2.03 billion yuan, a year-on-year increase of 461.1%. The net profit attributable to the parent company was 210 million yuan, up 90.6%, and the net profit excluding non-recurring items was 160 million yuan, an increase of 61.3% [2][4]. - In Q2 2025, the company achieved operating income of 1.59 billion yuan, a year-on-year growth of 570.6%. The net profit attributable to the parent company was 140 million yuan, reflecting a 315.8% increase, while the net profit excluding non-recurring items also grew by 379.9% to 140 million yuan [2][4]. Summary by Relevant Sections Revenue Performance - The substantial revenue growth in the first half of 2025 is attributed to a rapid increase in shipment volumes. The breakdown of revenue by business segment shows: 1) Wind power towers generated approximately 290 million yuan, a year-on-year increase of 124.1% 2) Piles generated approximately 1.56 billion yuan, a year-on-year increase of 1092.6% 3) Conductors generated approximately 140 million yuan, a year-on-year increase of 84.9% [5]. Profitability Analysis - The gross margin for the first half of 2025 was approximately 17.0%, an increase of 15.2 percentage points year-on-year, primarily due to the dilution effect from increased shipment volumes. The gross margins for the business segments were: 1) Wind power towers: approximately 11.9%, up 18.4 percentage points 2) Piles: approximately 16.3%, up 10.8 percentage points 3) Conductors: approximately 19.4%, up 23.2 percentage points [5]. Inventory and Future Outlook - The company's inventory reached approximately 2.06 billion yuan in the first half of 2025, indicating a historical high and suggesting proactive stockpiling, which is expected to support future delivery performance [5]. - Looking ahead, the domestic offshore wind installation is anticipated to grow significantly in 2025. The company is expected to benefit from downstream demand, leading to increased shipment volumes and performance growth. Additionally, the company is accelerating the construction of conductor capacity and expanding into deep-sea and overseas offshore wind markets, which may open up long-term growth opportunities [5].