维斯塔斯风力：息税折摊前利润强劲，2025财年指引收窄，发起回购

Investment Rating - The report assigns an "Outperform" rating to Vestas Wind Systems, indicating an expected relative return exceeding 10% over the next 12-18 months [13]. Core Insights - Vestas Wind Systems reported strong EBITDA, with a significant increase in EBIT margin and revenue driven by its power solutions segment, despite a slight decline in service revenue due to currency fluctuations and reduced transactional sales [3][4]. - The company has narrowed its revenue guidance for FY2025 from a range of €18 billion to €20 billion to €18.5 billion to €19.5 billion, while maintaining an investment target of approximately €1.2 billion [2][3]. - A share buyback program of €150 million has been initiated by the company [1]. Financial Performance Summary - For Q3 2025, Vestas reported revenues of €5.339 billion, slightly below the consensus estimate of €5.486 billion, but a 43% increase year-over-year [3][6]. - The EBITDA for Q3 2025 was €671 million, significantly above the consensus estimate of €598 million, with an EBITDA margin of 13% [3][6]. - The net income for Q3 2025 was €304 million, closely aligning with the consensus estimate of €305 million [3][6]. - Total orders increased significantly to 4,606 MW in Q3 2025, up from 2,009 MW in Q2 2025, with a backlog of €68.2 billion [3][4]. Long-term Goals - Vestas continues to pursue its long-term strategic goals of achieving a 10% EBITDA margin, positive free cash flow, and a 20% return on invested capital, supported by project profitability, onshore volume, service recovery, product quality, and offshore engineering [4].