Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 34.84 CNY, compared to the current stock price of 24.87 CNY [5][8]. Core Insights - The company reported a revenue of 2.859 billion CNY for the first three quarters of 2025, a year-on-year decrease of 1%, and a net profit of 43 million CNY, down 74% year-on-year [1][2]. - The decline in profit is attributed to several factors, including significant non-recurring losses from foreign exchange, increased fixed costs due to capacity ramp-up at a project, underperformance of a U.S. solar mounting factory, and lower-than-expected domestic offshore wind demand [2]. - The company has a strong order backlog of 2.903 billion CNY, with 2.431 billion CNY from wind power equipment and 206 million CNY from solar equipment [3]. - The subsidiary, Haipuman Robotics, is set to begin mass production of exoskeleton robots by 2026, which is expected to create a new growth curve for the business [4]. Financial Summary - The company is projected to achieve net profits of 150 million CNY, 320 million CNY, and 370 million CNY for 2025, 2026, and 2027, respectively, with growth rates of -14%, 111%, and 16% [5]. - The current price-to-earnings (PE) ratios are 29, 14, and 12 for the years 2025, 2026, and 2027, respectively [5]. - The company’s gross margin for the first three quarters of 2025 was 20.2%, with a slight decrease in the third quarter [1][2].