Core Insights - The company reported a total revenue of 10.894 billion yuan for the first half of 2025, representing a year-on-year increase of 26.27%, while the net profit attributable to shareholders was 144 million yuan, a decrease of 2.62% compared to the previous year [1] - The second quarter of 2025 saw a total revenue of 6.884 billion yuan, up 41.19% year-on-year, with a net profit of 84.82 million yuan, an increase of 10.41% [1] - The company's accounts receivable increased significantly, with a year-on-year growth of 46.3%, reaching 10.288 billion yuan [1] Financial Performance - Gross margin decreased to 8.96%, down 3.92% year-on-year, while net margin fell to 1.34%, a decline of 22.14% [1] - Total expenses (selling, administrative, and financial) amounted to 540 million yuan, accounting for 4.96% of revenue, a decrease of 1.68% year-on-year [1] - Earnings per share (EPS) dropped to 0.18 yuan, down 13.3% year-on-year, while the net asset value per share increased to 8.26 yuan, up 8.22% [1] Business Evaluation - The company's return on invested capital (ROIC) was 5.27%, indicating average capital returns, with a historical median ROIC of 5.46% since its listing [3] - The company relies heavily on research and development, marketing, and capital expenditures, necessitating careful evaluation of capital spending projects [3] - Cash flow analysis shows that cash and cash equivalents to current liabilities ratio is only 27.54%, and the average operating cash flow to current liabilities ratio over the past three years is 6.46% [3] Market Position and Future Outlook - The company is expected to maintain growth in wind power installations in 2025, driven by national carbon neutrality goals and the "14th Five-Year Plan" [4] - The company is actively expanding its overseas business, securing project orders in various regions including Asia, Europe, South America, and Africa [4] - Analysts project the company's earnings for 2025 to be around 688 million yuan, with an average EPS forecast of 0.87 yuan [3]

| | | 编号： | | --- | --- | --- | | 投 资 者 关 系 活 动类别 | √特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | | | 参 与 单 位 名 称 | 国联民生 陈子锐，国金证券 姚遥、彭治强，光大证券 | 邓 | | 及人员姓名 | 怡亮，江亿资本 袁晨 | | | 时间 | 2025 年 6 月 27 日 | | | 地点 | 运达股份会议室 | | | | 投资者关系经理 葛伟威 | | | 人员姓名 | | | | | 年国内风电装机规模将保持增长；同时公司积极拓展海外业 | | | | 1、预计公司 2025 年风电新增装机量情况？ 答：在双碳大目标和"十四五"发展目标的推动下，预计 | 2025 | | | 务，已在亚洲、欧洲、南美洲、非洲等多个国家获取项目订 | | | | 单，并将持续加速全球战略布局。因此，2025 年公司装机规 | | | 投 资 者 关 系 活 | 模预计将保持增长态势。 | | | 动 主 要 内 容 介 | | ...