中际联合（605305）：年报预告符合预期，2025年归母净利润同比增长59%-75%

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is expected to achieve a significant increase in net profit for 2025, with a forecasted growth of 59%-75%, translating to a net profit of between 500 million to 550 million yuan [1][2] - The growth is driven by the rapid expansion of the wind power industry, improved order structure, and enhanced customer recognition of the company's products [2] - The company is positioned as a leader in high-altitude safety equipment for wind power, benefiting from both domestic market demand and overseas expansion opportunities [2][3] Financial Summary - The projected net profit for 2025 is approximately 521 million yuan, with a year-on-year growth of 66% [5] - Revenue is expected to reach 1.845 billion yuan in 2025, reflecting a 42% increase [5] - The earnings per share (EPS) for 2025 is estimated at 2.45 yuan, with a price-to-earnings (P/E) ratio of 18 [5] Growth Drivers - The company is enhancing its product offerings in response to customer needs, leading to an increase in order size and value [2] - The domestic wind power market is projected to maintain high demand, with new installations expected to reach at least 120 GW during the 14th Five-Year Plan [2] - The company is also expanding into multiple sectors, including industrial and construction, emergency rescue, and power grid applications, which are expected to contribute to future growth [3]