Changjiang Securities·2025-09-26 03:09Investment Rating - The report maintains a "Buy" rating for the company [11]. Core Insights - The company's wind turbine business has shown positive marginal changes, with significant improvements in profitability and a strong order backlog, particularly in overseas markets [3][9]. - The company achieved approximately 10.6 GW in wind turbine shipments in the first half of 2025, a year-on-year increase of 106.6%, with revenues of about 21.85 billion yuan, up 71% year-on-year [6][24]. - The gross margin for wind turbines reached approximately 8% in the first half of 2025, an increase of 4.2 percentage points year-on-year, indicating improved profitability [6][26]. Summary by Sections Short-term Outlook - The wind turbine business is expected to see further profitability recovery in the second half of 2025, supported by stable bidding prices and a solid order backlog [7][36]. - The industry is anticipated to reach a profitability recovery point, with wind turbine prices stabilizing and major manufacturers focusing on cost reduction and efficiency [7][36]. Medium to Long-term Outlook - The overseas wind power market is projected to grow rapidly, with a compound annual growth rate of approximately 14% from 2024 to 2030, potentially reaching a market size of 359 billion yuan by 2030 [8][61]. - The company has established a strong presence in international markets, with cumulative installed capacity of 10 GW across 40 countries as of the first half of 2025, and a significant increase in overseas orders [8][76]. - The company is actively developing new power plants and has plans for a 3 GW wind-hydrogen-ammonia integrated project, which is expected to provide additional profit support [89][90]. Investment Recommendations - The report highlights the company's strong performance in the first half of 2025, with a focus on the wind turbine business's positive changes and profitability improvements [9][91]. - The expected net profits for 2025 and 2026 are approximately 3.08 billion yuan and 4.29 billion yuan, respectively, with corresponding price-to-earnings ratios of 18 times and 13 times [9][91].