Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has experienced a significant increase in profit, with a 214% year-on-year growth in net profit for the first half of 2025, reaching 547 million yuan [9] - The company is benefiting from a booming offshore engineering export market, with a doubling of export volumes and a high overseas revenue contribution of 79% [2][22] - The company is well-positioned to capitalize on the upcoming European offshore wind auction, which is expected to reach unprecedented scales in 2024 and 2025 [3][25] - The company has a robust order book, with over 100 billion yuan in offshore engineering orders, ensuring strong revenue visibility for the next two years [23] Financial Performance - In the first half of 2025, the company achieved revenue of 2.841 billion yuan, a year-on-year increase of 109.48%, and a net profit of 547 million yuan, up 214.32% [9] - The second quarter of 2025 saw revenue of 1.7 billion yuan, a 90.36% increase year-on-year, and a net profit of 316 million yuan, reflecting a 161.04% year-on-year growth [22] - The company's gross margin for the first half of 2025 was 28.17%, with a net margin of 19.24% [9] Business Segments - The wind power equipment segment generated revenue of 2.686 billion yuan in the first half of 2025, up 119.52% year-on-year, with a gross margin of 25.53% [22] - The company has signed contracts for heavy deck transport vessels, expanding its business into new areas such as special transportation and offshore wind farm operations [25] Future Outlook - The company has revised its profit forecasts upward, expecting net profits of 1.005 billion yuan, 1.408 billion yuan, and 1.841 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 112%, 40%, and 31% [26] - The dynamic PE ratios for the upcoming years are projected to be 21.6, 15.4, and 11.8 [26]