Shenwan Hongyuan Securities·2025-12-25 15:26Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook based on its market position and growth potential [8][9]. Core Insights - The company is a global leader in wind power, maintaining the top market share in China for 14 consecutive years and globally for 3 years. The recovery in wind power demand and stabilization of turbine prices are expected to drive revenue and net profit growth [6][8]. - The company has a robust order backlog, with a total of 52.5 GW as of Q3 2025, which supports future revenue growth. The average bidding price for wind turbines has increased by 9.2% year-on-year, indicating a positive pricing environment [8][42]. - The offshore wind power segment is expected to accelerate, with the company holding a competitive advantage in this area. The domestic offshore wind installation accounted for 19.6% of new installations in 2024, ranking second in the market [8][58]. Summary by Sections 1. Global Wind Power Leader - The company has established itself as a leading provider of wind power solutions, leveraging its technological expertise and extensive experience in the industry [16][17]. 2. Continuous Profit Recovery and Expansion of Dual Offshore Business 2.1 Stabilization of Turbine Prices and Recovery of Gross Margin - The company has seen a significant recovery in gross margins, with the turbine manufacturing business gross margin improving to 7.97% in H1 2025, up 4.22 percentage points year-on-year [44]. 2.2 Acceleration of New Offshore Installations - The offshore wind power market in China is experiencing rapid growth, with expectations of 12 GW of new installations in 2026 and 25 GW by 2030 [47][58]. 2.3 Expansion of Overseas Wind Turbine Business - The company has successfully expanded its overseas business, with a 75.34% year-on-year increase in overseas revenue in H1 2025, contributing to 29.4% of total revenue [21]. 3. Profit Forecast and Valuation Analysis - The company is projected to achieve net profits of 37.32 billion, 51.20 billion, and 55.71 billion yuan from 2025 to 2027, with corresponding EPS of 0.88, 1.21, and 1.32 yuan per share [9][10].