Minsheng Securities·2025-10-27 07:10Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 48.147 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 34.34%. The net profit attributable to shareholders was 2.584 billion yuan, up 44.21% year-on-year [1] - In Q3 2025, the company achieved a revenue of approximately 19.610 billion yuan, a year-on-year increase of 25.40% and a quarter-on-quarter increase of 2.86%. The net profit attributable to shareholders for the same quarter was 1.097 billion yuan, showing a significant year-on-year growth of 170.64% [1] - The company has actively expanded its overseas business, with a cumulative installed capacity of 11,214.62 MW in international markets by the end of Q3 2025 [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of approximately 13.00% and a net margin of about 5.98% [1] - The company expects revenues of 77.81 billion yuan, 88.14 billion yuan, and 95.91 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 37%, 13%, and 9% [3][4] - The projected net profit attributable to shareholders for the same years is 3.36 billion yuan, 4.28 billion yuan, and 4.98 billion yuan, with growth rates of 80%, 27%, and 16% [3][4] Business Segments - In the wind turbine manufacturing segment, the company sold approximately 18.45 GW of wind turbines in the first three quarters of 2025, a year-on-year increase of 90%. The sales in Q3 2025 were about 7.81 GW, reflecting a year-on-year growth of approximately 71% [2] - The company has a total order backlog of 52.5 GW, with 41,553 MW of orders for units of 6 MW and above, accounting for 83% of the total [2] Overseas Expansion - The company has made significant strides in international markets, with installed capacity exceeding 3 GW in Asia (excluding China) and over 2 GW in both South America and Oceania [3] - By the end of Q3 2025, the company had approximately 7.16 GW of external orders in overseas markets, up from 5.54 GW in the same period last year [3]