Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [6][22]. Core Views - The company's performance in the first half of 2025 was under pressure due to power restrictions and weak wind conditions, but there is optimism regarding the long-term growth potential of offshore wind projects [6]. - The report highlights the importance of upcoming offshore wind project allocations and the potential for asset injections to enhance future performance [6]. - The company is expected to benefit from favorable policies promoting marine economic development and the growth of offshore wind energy [6]. Financial Summary - Total revenue is projected to grow from 1,741 million in 2024 to 2,190 million in 2027, with a compound annual growth rate (CAGR) of 15.4% [2]. - Net profit attributable to shareholders is expected to increase from 651 million in 2024 to 826 million in 2027, reflecting a CAGR of 11.4% [2]. - Earnings per share (EPS) is forecasted to rise from 0.34 in 2024 to 0.43 in 2027, with a price-to-earnings (P/E) ratio decreasing from 15 to 12 over the same period [2]. Operational Performance - In the first half of 2025, the company reported a net profit of 314 million, a decrease of 8.07% year-on-year, with total revenue of 794 million, down 2.95% [6]. - The total power generation in the first half of 2025 was 14.05 billion kWh, a decline of 0.89% year-on-year, with significant drops in certain project outputs [6]. - The company’s offshore wind farms showed higher utilization hours compared to the national average, indicating operational efficiency [6]. Market Position and Future Outlook - The company has a strong geographical advantage and is well-positioned to leverage good wind resources and support from its parent company [6]. - The report anticipates that if the company secures new offshore wind resources, it will significantly bolster its growth prospects [6]. - The offshore wind sector is identified as a key development area for the upcoming five-year plan, with substantial growth potential expected [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [7][17]. Core Views - The company achieved a total revenue of 1.741 billion yuan in 2024, a year-on-year increase of 0.54%, while the net profit attributable to shareholders was 651 million yuan, a decrease of 4.03%. In Q1 2025, the company reported total revenue of 514 million yuan, a year-on-year increase of 10.43%, and a net profit of 251 million yuan, an increase of 18.1% [1][3]. - The report highlights the company's long-term potential in offshore wind development, particularly in Fujian province, where it is a significant player. The growth in offshore wind capacity is expected to accelerate, with only 41 GW installed as of 2024, representing just 1.2% of total capacity [7][8]. - The report emphasizes the importance of project allocation and asset injection for future growth, particularly the potential benefits from the third phase of the offshore wind project [7][8]. Financial Summary - The company's total revenue is projected to grow from 1.741 billion yuan in 2024 to 2.697 billion yuan by 2027, with corresponding year-on-year growth rates of 0.5%, 5.1%, 14.5%, and 28.7% [3][8]. - Net profit is expected to increase from 651 million yuan in 2024 to 1.07 billion yuan in 2027, with growth rates of -4.0%, 13.8%, 16.5%, and 23.9% respectively [3][8]. - Earnings per share (EPS) is forecasted to rise from 0.34 yuan in 2024 to 0.56 yuan in 2027, with a price-to-earnings (P/E) ratio decreasing from 16x to 10x over the same period [3][8]. Market Performance - The company's stock price target is set at 7.8 yuan, representing a 41% upside from the current price of 5.54 yuan [3][7]. - The report notes that the company has a total market capitalization of 10.543 billion yuan and a debt-to-equity ratio of 54.6% in 2024, indicating a relatively stable financial position [4][8].