Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 3.72 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.6%. However, the net profit attributable to shareholders was 70 million yuan, a significant decline of 76.1% year-on-year [2][4] - In Q3 2025, the company achieved a revenue of 1.53 billion yuan, which is a year-on-year increase of 17.8% and a quarter-on-quarter increase of 21.4%. The net profit attributable to shareholders for this quarter was 20 million yuan, down 79.0% year-on-year and down 12.6% quarter-on-quarter [2][4] - The company's gross margin for Q3 was approximately 16.5%, a decrease of 6.3 percentage points year-on-year, primarily due to the company's proactive reduction of onshore wind business and a decline in power generation gross margin [6] - The company has seen an increase in contract liabilities, which reached 611 million yuan by the end of Q3 2025, indicating a solid foundation for future deliveries [13] Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company's gross margin was 19.07%, down 6.22 percentage points year-on-year. The total expense ratio for the same period was 14.38%, a decrease of 1.20 percentage points year-on-year [12] - The company received approximately 56 million yuan in other income due to increased government subsidies [12] Operational Insights - By the end of Q3 2025, the company's inventory and contract liabilities were 2.539 billion yuan and 611 million yuan, respectively, which are expected to support future delivery performance [13] - The company is actively expanding its domestic and international offshore wind product markets, which is anticipated to release growth potential in performance [13] Future Outlook - The company is expected to see net profits of approximately 180 million yuan and 760 million yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of approximately 69 times and 16 times [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has reached a potential inflection point in its performance, with expectations for accelerated domestic and international orders [6][12] - In the first half of 2025, the company reported a revenue of 4.432 billion yuan, an increase of 8.95% year-on-year, while the net profit attributable to shareholders decreased by 26.57% to 473 million yuan [12][4] - The company’s inventory reached a record high of 3.12 billion yuan, up 66% year-on-year, and contract liabilities increased by 473% to 1.67 billion yuan, indicating strong future project deliveries [12][14] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 2.285 billion yuan, a decrease of 17.13% year-on-year, with a net profit of 192 million yuan, down 49.56% [12][4] - The company’s revenue for 2025 is projected to be 10.39 billion yuan, with growth rates of 14.3%, 24.8%, and 15.9% for the years 2025, 2026, and 2027 respectively [15][16] Order and Project Outlook - The company has secured nearly 10 billion yuan in new orders since the beginning of 2025, with total orders on hand reaching 19.6 billion yuan as of August 12, 2025 [14] - The company is expected to benefit from the acceleration of offshore wind projects, particularly in Europe and domestic markets, with significant project deliveries anticipated in Q3 2025 [13][14] Market Position and Growth Potential - The company is positioned as a leader in the domestic submarine cable market, with advanced technology and profitability, likely to benefit from the growth in offshore wind construction [15] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.25 yuan, 3.22 yuan, and 4.13 yuan respectively, reflecting strong growth potential [15][16]