Jiangsu Haili Wind Power Equipment Technology (SZ:301155) 光大证券研究·2025-09-02 23:03Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by accelerated domestic offshore wind construction [4][5]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.03 billion, a year-on-year increase of 461.08%, and a net profit attributable to shareholders of 205 million, up 90.61% [4]. - For Q2 2025, the company reported operating revenue of 1.59 billion, a year-on-year increase of 570.63%, and a net profit of 141 million, reflecting a year-on-year growth of 315.82% [4]. Group 2: Business Segments - The company's pile foundation business generated revenue of 1.56 billion, a year-on-year increase of 1092.63%, with a gross margin increase of 10.79 percentage points to 16.30% [5]. - Revenue from wind power towers reached 291 million, up 124.14%, with a gross margin increase of 18.39 percentage points to 11.91% [5]. - The conduit frame segment achieved revenue of 136 million, a year-on-year increase of 84.94%, with a gross margin increase of 23.19 percentage points to 19.44% [5]. Group 3: Industry Outlook - The acceleration of offshore wind construction is expected to further enhance the company's profitability, as issues related to sea use approvals and navigation coordination are gradually being resolved [6]. - The domestic offshore wind industry is anticipated to undergo large-scale development in 2025-2026, providing strong momentum for the company's performance improvement [6]. Group 4: Capacity Expansion and Export Strategy - As of June 2025, the company has several production bases and is planning additional facilities to support capacity expansion [7]. - The company is actively pursuing export opportunities, planning to leverage existing and new bases to establish heavy-duty terminals for overseas market expansion [7].