Windey(SZ:300772) Guotou Securities·2025-11-02 11:37Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 27.94 CNY, compared to the current stock price of 18.27 CNY as of October 31, 2025 [7]. Core Insights - The company's revenue for the first three quarters of 2025 reached 18.486 billion CNY, a year-on-year increase of 33%, while the net profit attributable to shareholders was 252 million CNY, a decrease of 6% year-on-year. The adjusted net profit was 222 million CNY, up 32% year-on-year [1]. - The company has a strong order demand, with a total of 18.1 GW of new orders added in the first three quarters of 2025, maintaining a similar level to the previous year. As of the end of Q3 2025, the total backlog of orders reached 46.9 GW, providing a solid foundation for future delivery growth [2]. - The average bidding price for onshore wind turbines has been rising, with the average price for the first nine months of 2025 at 1595 CNY/KW, a 13% increase from the average of 1414 CNY/KW in 2024. This price increase is expected to enhance the profitability of the wind turbine manufacturing segment [3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 514 million CNY, with growth rates of 11% in 2025, 114% in 2026, and 9% in 2027. The average PE ratio for comparable companies in the wind turbine industry is estimated at 19 for 2025 and 14 for 2026 [4]. - The company's revenue is expected to grow from 22.198 billion CNY in 2024 to 29.550 billion CNY in 2025, reflecting a year-on-year growth rate of 33% [11]. - The gross profit margin for the wind turbine manufacturing segment is anticipated to improve, with projections of 9.6% in 2025 and 10.8% in 2026 [11].