Windey(SZ:300772) SINOLINK SECURITIES·2025-10-30 01:51Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 18.5 billion RMB for the first three quarters of 2025, a year-on-year increase of 32.7%, while the net profit attributable to shareholders was 251 million RMB, a decrease of 5.8% [2]. - In Q3 alone, the company achieved a revenue of 7.59 billion RMB, reflecting a 43.2% year-on-year growth and a 10.3% quarter-on-quarter increase, with a net profit of 108 million RMB, down 9.6% year-on-year but up 27.1% quarter-on-quarter [2]. - The gross margin for Q3 was 9.27%, a decrease of 2.37 percentage points year-on-year but an increase of 1.19 percentage points from Q2, with expectations for further improvement in wind turbine manufacturing margins [3]. - The company’s order backlog reached approximately 46.9 GW, a year-on-year increase of 30.7%, indicating a positive outlook for sales growth in 2026 [3]. - The company’s operating expense ratio has decreased, with sales, management, and R&D expense ratios at 3.92%, 0.73%, and 2.62% respectively, all showing year-on-year declines [4]. Summary by Sections Performance Review - For the first three quarters of 2025, the company achieved a revenue of 18.5 billion RMB, a 32.7% increase year-on-year, and a net profit of 251 million RMB, down 5.8% year-on-year [2]. Operational Analysis - The gross margin for Q3 was reported at 9.27%, with expectations for improvement in wind turbine manufacturing margins due to increased order deliveries and price hikes [3]. - The company’s order backlog has grown to 46.9 GW, suggesting strong sales potential for 2026 [3]. Financial Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 550 million RMB, 1.32 billion RMB, and 1.85 billion RMB respectively, with corresponding P/E ratios of 26, 11, and 8 [5].