Soochow Securities·2025-10-28 03:57Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has seen a significant increase in wind turbine shipments, with a year-on-year increase in backlog orders [3][10] - The operating cash flow has improved significantly, with a net cash flow of 2.32 billion yuan in Q3 2025, a year-on-year increase of 40.9% [3][10] - The company expects a slight increase in wind turbine bidding prices, leading to upward adjustments in profit forecasts for 2026 and 2027 [4] Financial Performance - Total revenue for 2023 is projected at 50.457 billion yuan, with a year-on-year growth of 8.66% [1] - The net profit attributable to shareholders is expected to be 1.331 billion yuan in 2023, reflecting a year-on-year decline of 44.16% [1] - The company anticipates a net profit of 3.351 billion yuan in 2025, representing a year-on-year increase of 80.11% [4] Sales and Orders - The company shipped 18.4 GW of wind turbines in the first three quarters of 2025, with Q3 shipments at 7.8 GW, a year-on-year increase of 70% [10] - As of Q3 2025, the company has a backlog of 52.5 GW, with external orders accounting for 50 GW, a year-on-year increase of 21% [10] Cost and Expenses - Selling expenses have increased significantly, with Q3 2025 selling expenses at 530 million yuan, a quarter-on-quarter increase of 102.4% [3] - The overall expense ratio for Q3 2025 was 9.2%, a decrease of 4% year-on-year [3] Market Data - The closing price of the company's stock is 15.57 yuan, with a market capitalization of approximately 65.784 billion yuan [7] - The price-to-earnings ratio (P/E) is projected to be 19.63 for 2025, decreasing to 11.85 by 2027 [1][4]