Wanlian Securities·2025-10-15 09:04Investment Rating - The industry is rated as "Outperforming the Market," indicating an expected increase in the industry index relative to the broader market by over 10% in the next six months [49]. Core Insights - In the first half of 2025, the wind power industry chain experienced a recovery in performance, with total revenue reaching 179.40 billion yuan, a year-on-year increase of 29.35%, and net profit attributable to shareholders of 9.82 billion yuan, up 16.19% year-on-year [1][12]. - The second quarter of 2025 saw continued recovery in performance, with total revenue of approximately 108.97 billion yuan, a year-on-year increase of 32.66% and a quarter-on-quarter increase of 54.73% [1][12]. - The overall industry maintained high installation levels, with accelerated offshore project deliveries significantly improving the performance of the industry chain [1][12]. Summary by Sections Overall Industry Performance - The wind power industry chain's revenue for H1 2025 was 1794.02 billion yuan, with a year-on-year growth of 29.35%, and net profit of 98.24 billion yuan, up 16.19% [1][12]. - Q2 2025 revenue was approximately 1089.73 billion yuan, showing a year-on-year increase of 32.66% and a quarter-on-quarter increase of 54.73% [1][12]. Turbine Segment - The turbine segment saw revenue of 678.32 billion yuan in H1 2025, a year-on-year increase of 43.94%, while net profit was 21.72 billion yuan, a slight decrease of 3.10% year-on-year [2][20]. - In Q2 2025, revenue reached 436.88 billion yuan, with a year-on-year growth of 50.02% and a quarter-on-quarter growth of 80.95% [2][20]. Tower Segment - The tower segment's revenue for H1 2025 was 108.17 billion yuan, up 59.13% year-on-year, with net profit of 9.94 billion yuan, an increase of 43.60% [3][27]. - Q2 2025 revenue was 69.54 billion yuan, reflecting a year-on-year increase of 74.76% and a quarter-on-quarter increase of 80.03% [3][27]. Submarine Cable Segment - The submarine cable segment reported revenue of 646.70 billion yuan in H1 2025, a year-on-year increase of 14.60%, but net profit decreased by 3.74% to 39.42 billion yuan [4][34]. - In Q2 2025, revenue was 376.68 billion yuan, with a year-on-year growth of 13.09% and a quarter-on-quarter increase of 39.50% [4][34]. Other Segments - The bearing segment's revenue in H1 2025 was 40.44 billion yuan, up 34.15%, with net profit soaring by 1729.27% to 4.15 billion yuan [9][39]. - The forging segment achieved revenue of 70.43 billion yuan, a year-on-year increase of 60.72%, with net profit of 6.56 billion yuan, up 21.89% [40][40]. - The blade segment's revenue in Q2 2025 was 132.55 billion yuan, a year-on-year increase of 22.76%, with net profit of 8.58 billion yuan, up 131.33% [45][45].