海力风电（301155）：Q3业绩不及市场预期，看好深远海及出口业务中期量利弹性

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's Q3 performance fell short of market expectations, with Q3 revenue of 1.641 billion yuan, a year-on-year increase of 134.73%, and a net profit of 141 million yuan, a year-on-year increase of 779.32% [3]. - The report highlights the impact of weather on delivery schedules and short-term performance, with some product deliveries postponed to Q4 and increased depreciation costs affecting profitability [3]. - The company is expected to benefit from deep-sea and export business opportunities, with ongoing domestic projects and potential overseas contracts anticipated to materialize in early 2026 [3]. - The production base is well-established, ensuring product delivery capabilities, with additional bases planned for future expansion [3]. Financial Data and Profit Forecast - Projected total revenue for 2025 is 4.975 billion yuan, with a year-on-year growth rate of 267.3% [2]. - Expected net profit for 2025 is 511 million yuan, reflecting a significant year-on-year increase of 672.7% [2]. - Earnings per share (EPS) for 2025 is forecasted at 2.35 yuan, with a projected PE ratio of 37 for 2025 [2][4]. - The report revises profit forecasts downward for 2025-2027, with expected net profits of 5.11 billion yuan, 9.90 billion yuan, and 13.47 billion yuan respectively [3].