Minsheng Securities·2025-09-15 08:10Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [5][45]. Core Insights - The company is experiencing a recovery in wind turbine profitability, with significant growth potential in overseas markets. The domestic wind power project bidding volume increased by 8.8% year-on-year in the first half of 2025, reaching 71.9GW, with onshore wind projects dominating [2][18]. - The company has a robust order backlog, with external orders totaling 41.4GW as of the end of the first half of 2025, including a notable increase in overseas orders, which grew by 42.27% year-on-year [2][29]. - Revenue for the first half of 2025 reached 285.37 billion yuan, a year-on-year increase of 41.26%, while net profit attributable to shareholders was 14.88 billion yuan, up 7.26% year-on-year [9][31]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 285.37 billion yuan, a 41.26% increase year-on-year, and a net profit of 14.88 billion yuan, reflecting a 7.26% growth. The second quarter alone saw revenues of 190.65 billion yuan, a 44.18% increase year-on-year and a 101.28% increase quarter-on-quarter [9][31]. - The sales revenue from wind turbines and components was 218.52 billion yuan, a 71.15% increase, accounting for 76.58% of total revenue, with a gross margin of 7.97% [14][31]. Business Segments - Wind turbine and component sales are the primary revenue drivers, with significant growth in this segment. Wind farm development revenue decreased by 27.93% year-on-year, while wind power service revenue increased by 21.99% [14][31]. - The company is diversifying its business, focusing on wind turbine manufacturing, wind power services, and wind farm investment and development, with a strong emphasis on technological innovation and international market expansion [23][18]. Future Outlook - The company forecasts revenues of 778.1 billion yuan, 881.4 billion yuan, and 959.1 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 33.6 billion yuan, 42.7 billion yuan, and 49.7 billion yuan [3][45]. - The report highlights the expected recovery in wind turbine profitability and the growth of international business as key drivers for future performance [2][45].