Core Insights - 惠柏新材 reported significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 1.641 billion yuan, a year-on-year increase of 76.34%, and net profit attributable to shareholders amounting to 60.3354 million yuan, a remarkable increase of 1222.38% [1] - In Q3 2025 alone, the company achieved revenue of 626 million yuan, up 49.59% year-on-year, and a net profit of 27.1307 million yuan, reflecting a staggering growth of 3066.26% [1] Industry and Business Development - 惠柏新材 is positioned as a leading enterprise in the epoxy resin sector for wind turbine blades, benefiting from the steady growth of the global and domestic wind power industry [2] - The shift towards deep-sea offshore wind power is expected to create new growth opportunities for high-end wind power materials, with the first deep-sea offshore wind power demonstration projects in Guangdong, Shandong, Zhejiang, Shanghai, and Hainan expected to commence development [2] - The company has established long-term stable partnerships with major wind power manufacturers, which is anticipated to lead to a continuous increase in orders [2] - In addition to consolidating its core wind power business, 惠柏新材 is actively expanding the application scenarios of new composite materials across various sectors, including sports equipment, rail transportation, automotive lightweighting, hydrogen storage, robotics, drones, and electronic components [2] R&D and Innovation - 惠柏新材 has a solid foundation in research and development, holding 29 invention patents and 58 utility model patents, along with 3 high-tech achievement transformation projects [3] - The company leverages its extensive experience in epoxy resin applications to provide customized product solutions that meet market demands, gaining high recognition from downstream enterprises [3] - 惠柏新材 is recognized as a rapidly developing representative enterprise in the industry, thanks to its continuous product and process innovation capabilities [3] - With the upcoming "14th Five-Year Plan," the wind power and new materials industries are expected to benefit from new policy incentives, allowing 惠柏新材 to seize opportunities in emerging fields such as deep-sea and low-altitude economies [3]

Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 103.02 CNY [7] Core Views - The company reported a significant revenue increase of 246% year-on-year for the first three quarters of 2025, reaching 3.671 billion CNY, with a net profit of 346 million CNY, up 299% year-on-year [1] - The gross margin for the first three quarters improved significantly compared to the previous year, reflecting the ramp-up of offshore wind projects in Jiangsu and other regions [2] - The company is well-positioned to benefit from the growing offshore wind market, particularly in deep-sea projects, with a theoretical development capacity of 4500 GW in China's exclusive economic zones [3] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 1.641 billion CNY, a year-on-year increase of 135% and a quarter-on-quarter increase of 3% [1] - The gross margins for the first three quarters were 15.1%, 17.6%, and 15.2%, compared to 5.0%, 0.2%, and 8.1% in the same period last year [2] - The company expects net profits for 2025, 2026, and 2027 to be 631 million CNY, 896 million CNY, and 1.233 billion CNY, respectively, with growth rates of 855%, 42%, and 38% [4] Market Outlook - The report highlights the rapid progress in deep-sea offshore wind projects, particularly in Zhejiang, which is expected to open new opportunities for the company [3] - The company has strategically established bases in key provinces such as Jiangsu, Zhejiang, and Guangdong, positioning itself to capture future deep-sea orders [3] Valuation - The report adjusts the earnings forecast for 2025-2027 downwards due to slower-than-expected project progress and production ramp-up [4] - The target price of 103.02 CNY corresponds to a PE ratio of 25 for 2026 [4]

Investment Rating - Industry rating: Outperform the market (maintained) [1] Core Viewpoints - The development of offshore wind power is crucial for promoting high-quality development of the marine economy, with offshore wind power taking the lead in the marine industry [2][5] - The deep-sea offshore wind power development will start with demonstration projects, with significant progress in Zhejiang and Liaoning provinces [2][4] - Investment suggestions focus on the mid-to-long-term beneficiaries of deep-sea offshore wind power development and deep-sea technology [2][49] Summary by Sections Promoting High-Quality Development of Marine Economy - The national strategy emphasizes the importance of offshore wind power in the marine industry, highlighting the need for orderly construction amid increasing competition for marine resources [5][10] Progress of Deep-Sea Offshore Wind Power - Zhejiang has planned six deep-sea offshore wind power zones, with a total capacity of 28GW, and is actively developing demonstration projects [14][37] - Liaoning's first phase of the 1GW deep-sea offshore wind power project is scheduled for full capacity grid connection by December 31, 2027 [34] Investment Recommendations - Focus on the supply chain benefiting from deep-sea offshore wind power development: 1. Submarine cable segment: Recommended companies include Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric [49] 2. Offshore wind foundation and marine engineering: Recommended companies include Dajin Heavy Industry, Haili Wind Power, and Tian Shun Wind Power [49] 3. Turbine manufacturers with sufficient orders: Recommended companies include Goldwind Technology, Yunda Co., Sany Heavy Energy, and Mingyang Smart Energy [49]

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The report emphasizes the importance of high-quality development of the marine economy, with a focus on promoting orderly construction of offshore wind power projects. The recent meeting chaired by General Secretary Xi Jinping highlights the need for top-level design and increased policy support to accelerate the development of deep-sea offshore wind projects [2][4][17] Summary by Relevant Sections Zhejiang - Zhejiang plans six deep-sea offshore wind farm areas with an expected capacity of 28GW, receiving approval for 8GW of national management offshore wind project resource indicators in 2024. The Wenzhou Pingyang No. 1 offshore wind project is currently in the EPC general contracting bidding phase, aiming for completion and grid connection by 2026 [4][20][21] Fujian - Fujian has planned a demonstration development of 4.8GW deep-sea offshore wind projects in 2022 and initiated applications for a price demonstration project of no less than 1GW in 2023. Currently, approximately 5.3GW of projects are underway, including 400MW already connected to the grid and 700MW under construction [5][24][25] Shandong - Shandong has previously planned 20GW of deep-sea offshore wind project sites, with about 9GW currently in progress. This includes various stages of development, such as preliminary work, signed contracts, and ongoing construction [5][28] Liaoning - Liaoning's approved 6.1GW national management offshore wind project is progressing, with the first phase of the Huadian Dandong deep-sea offshore wind project (1GW) set to start construction in 2025 and be completed by 2027 [5][29][30] Hainan - Hainan has launched the "Haiyou Guanlan" floating offshore wind project, with a 1GW floating wind project planned in three phases, aiming for completion of the first phase by 2025 [5][31] Shanghai - Shanghai has planned 29.3GW of deep-sea offshore wind projects, with the first phase of 4.3GW set to start competitive bidding in 2024 [5][33] Guangdong - Guangdong has initiated a selection process for 16GW of national management offshore wind projects, with the "Mingyang Tiancheng" floating wind test platform expected to be operational by the end of 2024 [5][34] Hebei - Hebei has initiated planning for deep-sea offshore wind projects, with a total capacity of approximately 15.5GW, and aims to connect 1GW of national management offshore wind projects to the grid by 2025 [5][35] Guangxi - Guangxi has started preliminary work on 13.4GW of deep-sea offshore wind sites in 2023 and will conduct competitive consultations for 6.5GW in 2024 [5][38] Jiangsu - Jiangsu's deep-sea offshore wind projects are in the preliminary work phase, with a total of 7.3GW of projects currently undergoing preliminary work bidding [5][39] Overall Industry Outlook - The report concludes that the launch of deep-sea offshore wind projects across various provinces is expected to release installed capacity and further open up growth space for the industry [9][41]