Group 1 - The stock of Jushi Holdings has increased by 10.01%, achieving a consecutive two-day limit-up, with the latest price at 9.12 yuan and a total market capitalization of 8.755 billion yuan [1] - The company plans to establish a wholly-owned subsidiary, Jushi Marine Technology (Tianjin) Co., Ltd., focusing on the manufacturing and sales of marine engineering equipment, thereby strengthening its presence in the marine economy sector [2] - The National Development and Reform Commission is advancing the "14th Five-Year" marine economy development plan, which includes breakthroughs in key core technologies, benefiting suppliers of core components like rigging [2] Group 2 - The marine mooring system products have received international certification and are being applied in floating wind turbine projects, enhancing technical cooperation and market expansion in the offshore wind power sector [2] - Jushi Holdings is primarily involved in marine engineering, deep-sea technology, offshore wind power, marine economy, and new energy sectors [2]

Core Viewpoint - The company's 1H25 performance slightly underperformed market expectations, primarily due to the early recognition of revenue from European projects and the larger scale of multiple projects requiring both supply and installation, leading to a delayed revenue recognition schedule [1] Financial Performance - In 1H25, the company reported revenue of 4.432 billion yuan, a year-on-year increase of 8.95%, while net profit attributable to shareholders was 473 million yuan, a year-on-year decrease of 26.57% [1] - For 2Q25, revenue was 2.285 billion yuan, a year-on-year decline of 17.13%, and net profit was 192 million yuan, down 49.56% year-on-year [1] - The company’s power cables and marine engineering segments showed strong profitability, with gross margins of 10.8% and 29.1% respectively in 1H25 [1] Order Backlog and Inventory - As of August 12, 2025, the company had a strong order backlog totaling 19.6 billion yuan, with 11 billion yuan from submarine cables and high-voltage cables, and 3.6 billion yuan from marine equipment and engineering operations, marking a historical high [2] - The company’s inventory stood at 3.12 billion yuan and contract liabilities at 1.67 billion yuan, indicating a robust production trend [2] Development Trends - The company is expected to emerge from the transitional period post-offshore wind parity in 2025, entering a phase of sustained order and profit growth, particularly in ultra-high voltage submarine cable products [3] - A continuous order fulfillment cycle is anticipated to start from 4Q24, with the company likely maintaining an advantage in ultra-high voltage cable orders [3] - The company is projected to reach a revenue recognition turning point in 3Q25, with an increase in the revenue share from ultra-high voltage products expected to structurally enhance profitability [3] Profit Forecast and Valuation - The profit forecast for 2025 has been revised down by 7.8% to 1.61 billion yuan, while the 2026 profit forecast remains unchanged at 2.31 billion yuan [4] - The current stock price corresponds to price-to-earnings ratios of 21.9 and 15.3 for 2025 and 2026 respectively [4] - Given the robust order backlog and the ongoing cycle of order and profit growth, the company maintains an outperform rating with a target price of 66.47 yuan, indicating a potential upside of 29.3% from the current stock price [4]

Core Viewpoint - The report highlights the financial performance and operational status of Ningbo Orient Cable Co., Ltd. for the first half of 2025, indicating a mixed performance with revenue growth but a decline in net profit due to changes in product revenue structure and market conditions [1][2]. Financial Performance - The company achieved operating revenue of 4.43 billion yuan, an increase of 8.95% compared to the same period last year [2]. - Total profit amounted to 542 million yuan, down 27.22% year-on-year [2]. - Net profit attributable to shareholders was 473 million yuan, a decrease of 26.57% from the previous year [2]. - The net cash flow from operating activities increased by 48.51% to 714 million yuan [2]. - The company's total assets reached 13.92 billion yuan, up 14.31% from the end of the previous year [2]. Business Segments - Revenue from power engineering and equipment cables (green transmission facilities) was 2.20 billion yuan, up 24.85%, accounting for 49.60% of the main business revenue [2][15]. - Revenue from submarine cables and high-voltage cables (power new energy) was 1.96 billion yuan, an increase of 8.32%, making up 44.18% of the main business revenue [2][15]. - Revenue from marine equipment and engineering operation and maintenance (deep-sea technology) was 275 million yuan, down 44.61%, representing 6.22% of the main business revenue [2][15]. Industry Overview - The cable industry is crucial for energy transmission and information transfer, with a rapidly growing market driven by developments in power, transportation, and renewable energy sectors [3]. - The Chinese cable industry is expected to exceed a market size of 1.5 trillion yuan by 2025, with high-end products like ultra-high voltage cables and smart cables accounting for over 40% of the market [3][4]. - The offshore wind power sector in China has seen significant growth, with installed capacity reaching 41.27 GW by the end of 2024, making it the world's leader in new installations [4][5]. Strategic Initiatives - The company is focusing on enhancing its production capabilities and expanding its market presence through strategic partnerships and project acquisitions [16][17]. - There is a strong emphasis on technological innovation, with ongoing projects in high-voltage direct current cables and new material development to improve efficiency and reduce costs [17][18]. - The company aims to leverage its strong order backlog, which amounts to approximately 19.6 billion yuan, to ensure sustained growth in the coming periods [2][15].

Summary of Offshore Wind Pile Industry Conference Call Industry Overview - The offshore wind pile industry is expected to recover starting from the second half of 2024, with significant growth in shipment volumes anticipated in 2025, particularly in Jiangsu and Guangdong provinces [1][5] - The domestic offshore wind power installation capacity is projected to reach 10GW in 2025, with potential to exceed 15GW in 2026 based on current bidding projects, providing strong growth support for related companies [1][7] Key Points and Arguments - **Profitability Improvement**: The profitability of the offshore wind pile segment is expected to improve due to the marginal effects of depreciation and amortization as the industry scales up, leading to a sustained increase in profitability in Q2 and Q3 of 2025 [1][6] - **Deep Sea Projects**: Deep sea projects are identified as a major source of growth elasticity for companies, with projects in Zhejiang, Shandong, and Liaoning set to commence in 2025, transitioning product specifications towards jacket structures [1][8] - **Increased Production Difficulty**: As water depth increases, the production and construction of single piles become more challenging, leading to a higher penetration rate of jacket structures, which require advanced welding technology and equipment [1][9][10] Market Dynamics - **Domestic Market**: The domestic offshore wind construction pace is accelerating, particularly in Jiangsu and Guangdong, with significant increases in shipment volumes expected in 2025 compared to 2024 [1][5] - **Historical Competition**: The market competition in the offshore wind pile industry has been relatively stable, with minor fluctuations in processing fees and prices. The demand volume has been the primary influencing factor [1][4] International Market Opportunities - **Growing Overseas Demand**: The overseas demand for offshore wind power is rapidly increasing, with a medium to long-term plan requiring 15-20GW annually, compared to only 3GW last year. This presents export opportunities for domestic companies, especially in jacket products [1][11][12] - **Advantages of Domestic Companies**: Domestic companies have significant advantages in production capacity, cost efficiency, and delivery reliability, positioning them well to capture overseas market opportunities [1][12] Strategic Responses - **Head Companies' Strategies**: Leading domestic companies are actively expanding into overseas markets, with notable actions including stable deliveries by Dajin, acquisitions by Tiensun, and new base constructions by Haili to meet future demand [2][13] - **Short-term and Long-term Profit Outlook**: In the short term, the industry is expected to experience a recovery in Q2 and Q3 of 2025, while the long-term outlook remains positive due to the acceleration of deep sea projects and increasing overseas demand [1][14]

金融界8月13日消息，有投资者在互动平台向麦加芯彩提问：2025海上风电大会预测海上风电到2027年 将增至2024年的三倍，即从8GW增加到24GW。到2034年，预计将达到55GW,预计到2029年复合年均增 长率为28%。公司的风电业务还大有可为，希望公司加快研发投入，推进海工认证，抓住海上风电未来 这波建设浪潮。 公司回答表示：尊敬的投资者您好：谢谢您对麦加芯彩的建议，向海外、向海上是公司既定战略，公司 定当加大力度。 本文源自：金融界 作者：公告君 ...

Group 1 - The company expects to achieve a net profit of 510 million to 570 million yuan for the first half of 2025, representing a year-on-year increase of 193.32% to 227.83% [1] - The growth in performance is primarily attributed to the deepening of the global strategic layout, with significant breakthroughs in overseas business, becoming the core driver of overall performance growth [1] - The company has shifted its export pile foundation product delivery model to a higher value-added DAP model, significantly enhancing overall profitability [1] Group 2 - The company has successfully entered the European offshore wind market since 2019, becoming the only supplier in the Asia-Pacific region to deliver offshore engineering products to the European market [2] - In 2024, the company fully entered the European offshore wind market, achieving certification as a qualified supplier for most major European owners and forming substantial business cooperation with the top five owners in the market [2] - The company is actively participating in bidding for offshore wind projects in emerging Asian markets such as Japan and South Korea, establishing close relationships with major owners in Japan's offshore wind projects [2] Group 3 - The company's wholly-owned subsidiary signed a contract to supply 10 ultra-large monopile products for an offshore wind project in the Baltic Sea, with delivery scheduled for 2025 [3] - This project marks the company's first delivery of ultra-large monopiles in the Baltic region, utilizing the DAP delivery model [3] - The company has achieved normalization of global DAP delivery for major offshore engineering components, providing customized, integrated end-to-end solutions [3]

Core Viewpoint - Goldwind Technology (02208) is experiencing a strong performance in its wind turbine manufacturing business, with positive developments in offshore wind power and overseas deliveries, although sales may be impacted by uncertainties in electricity pricing policies [1] Group 1: Financial Performance - Goldwind Technology's stock rose over 3%, reaching HKD 8.45, with a trading volume of HKD 117 million [1] - HSBC forecasts a 12% quarter-on-quarter increase in net profit for the second quarter, excluding investment income effects, while projecting a 14% year-on-year decline in net profit for the first half to RMB 1.2 billion [1] Group 2: Market Sentiment and Stock Performance - Since the announcement of first-quarter results, Goldwind's H-shares have increased by 74%, compared to a 13% rise in the Hang Seng Index during the same period, driven by improved profit outlook and inflow of southbound capital [1] - HSBC maintains a "Buy" rating for Goldwind Technology, raising the target price from HKD 7.4 to HKD 9, anticipating continued improvement in the fundamentals of the wind turbine manufacturing business in the coming years [1]

消息面上，金风科技拟于8月23日举行董事会会议以审批中期业绩。汇丰发布研报称，金风科技风机制 造业务势头强劲，海上风电及海外交付进展顺利，但风电场销售可能受电价政策不确定性影响而逊预 期，目前预测第二季纯利将环比增长12%，当中未计及期内的投资收益影响，上半年纯利预期按年下跌 14%至12亿元人民币。 智通财经APP获悉，金风科技(02208)午后涨超3%，截至发稿，涨3.05%，报8.45港元，成交额1.17亿港 元。 汇丰指出，金风H股股价自首季业绩公布后累升74%，对比同期恒指累计升幅为13%，相信是受到盈利 前景改善及南向资金流入的推动。憧憬海外订单增长及业务利润率较高，预期风机制造业务基本面将在 未来几年持续改善，维持对公司盈利预测基保不变，预期风机业务可能于上半年扭亏。汇丰研究维持金 风科技的"买入"评级，目标价由7.4港元上调至9港元。 ...

Core Viewpoint - The significant financing decision by Ørsted has triggered a sharp decline in its stock price, dropping over 30% in both Frankfurt and London exchanges due to the unexpected capital raise of 60 billion Danish kroner (approximately 67.3 billion RMB) [3][5]. Group 1: Company Overview - Ørsted is headquartered in Denmark and employs around 8,300 people, primarily focusing on the development, construction, and operation of offshore and onshore wind farms, solar power plants, energy storage facilities, and bioenergy plants [4]. - The company's projected revenue for 2024 is 71 billion Danish kroner (approximately 79.6 billion RMB) [4]. Group 2: Financing Details - Ørsted announced a rights issue to raise 60 billion Danish kroner (approximately 7 billion GBP) to strengthen its financial position amid challenges in its UK and US projects [5]. - The rights issue will be fully underwritten by Morgan Stanley, with existing shareholders having the right to subscribe to their proportional share of the new capital. The Danish government, as a major shareholder, has committed to subscribing to 50.1% of the new shares [5]. Group 3: Use of Funds and Project Challenges - The funds raised will support Ørsted's offshore wind investment portfolio, including projects in Europe, North America, and the Asia-Pacific region [6]. - Ørsted recently halted the Hornsea 4 offshore wind project due to rising costs and delays, which is one of the largest offshore wind farms under development globally, with a capacity of 2.4 GW. The termination of this project is expected to incur costs between 3.5 billion and 4.5 billion Danish kroner (approximately 3.825 billion to 4.918 billion RMB) [6]. Group 4: Market Conditions and Performance - Ørsted faces regulatory uncertainties and changing political support in the US, particularly after former President Trump halted the company's equity sale plan for the Sunrise Wind project in New York [7]. - The company reported an EBITDA of 15.5 billion Danish kroner (approximately 17.4 billion RMB) for the first half of the year, up from 14.1 billion Danish kroner in the same period last year. However, it downgraded the outlook for its offshore wind division from "high" to "neutral" due to slower market growth and uncertainties [7][8].

Core Viewpoint - The company is developing a world-class offshore wind power manufacturing facility in Tangshan, Caofeidian, which meets European marine engineering standards and aims to produce large-scale offshore structures for deep-sea operations [2] Group 1: Company Developments - The company has equipped its offshore engineering base with a specialized production line for deep-sea wind power foundations, the only one in the industry that complies with European standards [2] - The company is focused on creating a global logistics system to support its international strategy, backed by a highly skilled and experienced ocean shipping team [2] - Two self-designed and built heavy-lift transport vessels for offshore wind power equipment are expected to be launched within the year [2] Group 2: Industry Positioning - The company aims to establish mass production capabilities for ultra-large offshore wind structures, including monopiles, jackets, and floating foundations [2]