Windey(SZ:300772) Minsheng Securities·2025-09-17 14:33Investment Rating - The report gives a "Recommended" rating for the company, indicating a positive outlook for investment opportunities [3][53]. Core Insights - The company is a leading state-owned enterprise in the wind power sector, with a strong market share and potential for profit recovery. It has been deeply involved in the wind power industry for over fifty years, focusing on the research, production, and sales of onshore and offshore wind turbines [2][26]. - The company ranked first in the total bidding volume for central state-owned enterprise projects from January to July 2025, with a market share of 18.38% [3][31]. - The company has seen a significant increase in orders, with a total of 45,866.86 MW in hand, representing a year-on-year growth of 34.10% [3][35]. Summary by Sections 1. Event: Company Releases 2025 Half-Year Report - In the first half of 2025, the company achieved a revenue of 10.894 billion yuan, a year-on-year increase of 26.27%. The net profit attributable to shareholders was 144 million yuan, a decrease of 2.62% year-on-year, while the net profit excluding non-recurring items was 128 million yuan, an increase of 128.59% year-on-year [1][11]. 2. Core Highlights: State-Owned Wind Power Leader - The company has a diverse business model that includes the development and operation of renewable energy power stations, smart services, and various energy solutions [2][26]. - The company has maintained a strong competitive edge through significant R&D investments, with R&D expenditure reaching 305 million yuan in the first half of 2025, a year-on-year increase of 15.09% [3][38]. 3. Profit Forecast and Investment Recommendations - Revenue projections for 2025-2027 are estimated at 29.748 billion, 32.653 billion, and 35.847 billion yuan, with growth rates of 34%, 10%, and 10% respectively. The net profit attributable to shareholders is expected to be 659 million, 1.048 billion, and 1.404 billion yuan, with growth rates of 42%, 59%, and 34% respectively [3][53]. - The report highlights the company's strong order backlog and the recovery of profit margins in the wind turbine business, suggesting a positive trend in profitability [3][43].