Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative increase of over 15% compared to the benchmark index [4][11]. Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 3.671 billion yuan, a year-on-year growth of 246.01%, and net profit of 347 million yuan, up 299.36% [1][2]. - The gross profit margin for the first three quarters of 2025 was approximately 16.23%, an increase of 10.22 percentage points year-on-year, while the net profit margin was about 9.47%, up 1.41 percentage points [2]. - The company has a strong order backlog, with unfulfilled contracts amounting to approximately 4.883 billion yuan, reflecting a 91% year-on-year increase [2]. Financial Performance Summary - For 2025, the company is projected to achieve revenues of 4.921 billion yuan, 7.379 billion yuan, and 8.723 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 263%, 50%, and 18% [2][9]. - The net profit attributable to the parent company is expected to be 492 million yuan, 1.077 billion yuan, and 1.268 billion yuan for the same years, with growth rates of 644%, 119%, and 18% [2][9]. - The report indicates a significant improvement in the company's earnings per share (EPS), projected at 2.26 yuan, 4.95 yuan, and 5.83 yuan for 2025, 2026, and 2027, respectively [9].
海力风电（301155）：营收延续同环双增，出货结构有望改善