事件：公司8 月28 日晚发布《2025 年半年度报告》，公司实现营业收入320.49亿元，同比增长 20.42%；归母净利润16.13 亿元，同比增长0.24%；扣非归母净利润15.71 亿元，同比增长3.69%。 全球化运营战略深化，跨洋通信与能源互联齐头并进。公司持续深化全球化运营战略，在通信网络与能 源互联领域同步推进国际业务布局。通信网络业务方面，公司稳步实施全球跨洋海缆项目，完成亚太五 号SEA-H2X 项目在泰国和新加坡的登陆工作，并推进PEACE GULF 海湾延伸段海洋勘测及巴西亚马孙 三期项目海缆交付；截至报告期末，公司海洋通信业务相关在手订单达75 亿元，印证跨洋通信系统集 成能力持续提升。能源互联业务方面，公司上半年中标中东海缆项目、国家海上油气应急救援装备购置 项目、广西钦州等海上风电示范项目；截至报告期末，公司海底电缆、海洋工程及陆缆产品等能源互联 领域累计在手订单约200 亿元，凸显海洋能源产业链竞争优势。 投资建议：公司始终专注于在通信和能源两大领域为客户创造价值，提供行业领先的光通信、海洋通信 与能源、智能电网等产品与解决方案。同时，公司坚持全球化战略，有望在全球通信和能源行 ...

Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 64.31 CNY, indicating a positive outlook for the stock [7]. Core Views - The company has a solid order backlog of approximately 19.6 billion CNY, which provides a stable foundation for future growth [3]. - Despite short-term performance pressures, primarily due to delivery schedule issues, the company is expected to benefit from the accelerating development of deep-sea projects and its leading position in the submarine cable sector [4][5]. - The projected net profits for 2025, 2026, and 2027 are 1.69 billion CNY, 2.21 billion CNY, and 2.73 billion CNY, respectively, with growth rates of 68%, 31%, and 24% [5]. Financial Performance Summary - In H1 2025, the company reported revenues of 4.432 billion CNY, a year-on-year increase of 9.0%, while net profit decreased by 26.6% to 473 million CNY [1]. - The revenue from the submarine and high-voltage cable segment was 1.957 billion CNY in H1 2025, reflecting an 8.32% increase, but a significant decline of 46.84% in Q2 2025 due to project delivery issues [2]. - The company’s financial forecasts indicate a steady increase in revenue from 7.31 billion CNY in 2023 to 18.223 billion CNY in 2027, with corresponding net profit growth [6][11].

Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook for its stock performance in the near term [1][8]. Core Views - The company has strong performance support for future earnings, with a robust order backlog of approximately 196 billion yuan as of August 12, 2025, which includes significant contributions from various segments [7]. - The company is strategically positioning itself in emerging fields such as deep-sea wind power and deep-sea technology, enhancing its competitive edge and innovation capabilities [7]. - Despite a decline in net profit by 26.57% year-on-year in the first half of 2025, the company achieved a revenue increase of 8.95%, indicating resilience in its core operations [4][7]. Financial Summary - Revenue projections for 2025-2027 are estimated at 106.62 billion yuan, 134.38 billion yuan, and 158.53 billion yuan, respectively, with year-on-year growth rates of 17.3%, 26.0%, and 18.0% [6]. - Net profit forecasts for the same period are 13.48 billion yuan, 22.21 billion yuan, and 28.35 billion yuan, reflecting significant growth potential [8]. - The company's gross margin is expected to improve from 20.9% in 2025 to 26.5% in 2027, indicating better cost management and pricing power [6][8].

Summary of Deep Sea Wind Power Industry Conference Call Industry Overview - The deep sea wind power industry is receiving strong support from national policies, with the Energy Bureau planning deep sea offshore wind power demonstration projects, indicating that 2025 will be the inaugural year for deep sea development, and 2027 will see significant expansion [1][2] - The domestic nearshore wind power is primarily concentrated during the "14th Five-Year Plan" period, with approximately 50GW of remaining exploitable resources, expected to peak around 2026 or 2027 [1][4] Key Insights and Arguments - The average installation capacity for wind power in the next four years is projected to be around 13GW, significantly higher than the 7GW average from 2018 to 2021. By 2027, the total installed capacity is expected to reach 16GW, with an annual growth rate of 20% [1][5] - The cancellation of national subsidies at the end of 2021 and the adoption of a competitive pricing mechanism have led to a rapid decrease in industry costs, with the bare machine price dropping from 7,000 RMB/kW to 2,500 RMB/kW [1][6][7] - The deep sea wind power sector is expected to play a crucial role in future energy development, especially as nearshore resources become depleted [2][3] Regional Development and Cost Analysis - In Guangdong and Fujian, the maximum cost is around 11,000 RMB/kW, achieving over 6% return on investment with utilization hours exceeding 3,000. In East and North China, costs range from 8,000 to 9,000 RMB/kW, with similar returns achievable at over 2,300 hours of utilization [1][4] - The deep sea wind energy resources are abundant, with over 71,000GW of available offshore wind energy resources nationwide, of which deep sea accounts for over 70%. However, the current utilization rate is less than 5% [3][9] Policy and Economic Impact - The marine economy is projected to exceed 10 trillion RMB in 2024, contributing 8% to GDP, with the pure power generation segment contributing 51 billion RMB, a year-on-year increase of 14.7% [3][12] - Various coastal provinces are accelerating the introduction of related policies, indicating significant future development potential [12][14] Future Projections and Industry Demand - The expected installed capacity for 2025 is around 10GW, with demand potentially reaching 12-13GW in 2026. By 2027, as deep sea development enters a major construction phase, installed capacity could exceed 20GW, with a potential to reach 24GW [17][18] - The compound annual growth rate for the next two years is expected to be 56% based on the 2025 figures [18] Impacts on the Supply Chain - The development of deep sea wind power will significantly enhance the valuation space of the entire industry chain, particularly benefiting the power transmission segment, including submarine cables, monitoring equipment, and converters [19] - Key areas of focus include the generator sets and components, with domestic leaders like Mingyang and Goldwind, while companies like Yunda and Sany are also making strides [19] Conclusion - The deep sea wind power industry is poised for substantial growth driven by supportive policies, technological advancements, and increasing demand, presenting significant investment opportunities and risks in the evolving energy landscape [1][2][19]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - Recent developments in domestic deep-sea wind power indicate a positive trend, with significant project approvals and regulatory support [5][10] - The report highlights the approval of a private placement by Aishuo Co., which aims to raise up to 3.5 billion yuan for expanding BC battery production capacity, reflecting a bullish outlook on the BC battery sector [5] - The report emphasizes the potential growth in the deep-sea wind power sector, driven by favorable policies and technological advancements [5][10] Summary by Sections Wind Power - The approval of the 500MW offshore wind power project by Goldwind Technology marks a significant step forward, with a total investment of approximately 571.37 million yuan and a planned operational start in November 2025 [10] - The Shandong provincial government is seeking opinions on a pricing mechanism that categorizes bidding for deep-sea wind power separately, which could encourage further development in this area [10] - The wind power index decreased by 1.53% this week but outperformed the CSI 300 index by 0.22 percentage points, with a current overall PE ratio of 20.57 [11] Photovoltaics - Aishuo Co. received approval for a private placement to raise funds for BC battery capacity expansion, which is expected to enhance its financial strength and competitive position in the market [5] - The report notes a positive trend in profitability for Aishuo Co., with a significant turnaround in the second quarter [5] Energy Storage & Hydrogen - The successful delivery of the world's first 30MW pure hydrogen gas turbine, "Jupiter One," represents a milestone in hydrogen power generation in China, with plans for a demonstration project expected to start in August [6] - The report suggests that the electric-hydrogen-electric model will support the growth of renewable energy, with the pure hydrogen gas turbine being a key component [6] Investment Recommendations - The report recommends focusing on investment opportunities in the domestic offshore wind sector, including companies like Mingyang Smart Energy, Goldwind Technology, and Dongfang Cable [6] - In the photovoltaic sector, it suggests monitoring structural opportunities related to the BC battery trend, with recommended stocks including Dier Laser and Aishuo Co. [6] - For energy storage, it highlights the potential in overseas markets and recommends companies like Sungrow Power Supply and Haibo Technology [6] - In hydrogen energy, it advises focusing on companies involved in green hydrogen project investments, recommending Jidian Co. [6]

Group 1: 德福科技 (DeFu Technology) - DeFu Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil production. Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual capacity of 16,800 tons. Its core products include HVLP and DTH [1] - The projected revenue for Luxembourg Copper Foil in 2024 is €134 million, with a net profit of -€370,000. In Q1 2025, the expected revenue is €45 million, with a net profit of €1.67 million, indicating a quarterly turnaround [1] - DeFu Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the largest globally. The company plans to enhance its profitability through technology resource integration and has allocated ¥183 million for R&D in 2024, resulting in 17 new invention patents [1] Group 2: 佳驰科技 (Jiachi Technology) - Jiachi Technology is focusing on YS functional structural components in the structural parts sector, with clients including the Aviation Industry Corporation of China. The fundraising projects are aimed at supporting capacity expansion [1] - The company has established the largest YS functional coating material production base in China, meeting current and future demand. It emphasizes technology and customer focus, increasing R&D investment to maintain technological leadership [1] - Jiachi Technology has won multiple significant awards for its research projects and has secured several contracts in the EMMS field, enhancing its testing service capabilities [1] Group 3: 日月股份 (Riyue Co., Ltd.) - Riyue Co., Ltd. employs a pricing framework based on "material cost + processing fee + profit," adjusting prices according to market dynamics. The company is actively expanding into deep-sea wind power and exploring new technologies like floating platforms [2] - The company is also working on the industrialization of nuclear fuel transfer and storage tanks and developing new materials such as high-temperature alloys to optimize its product line and enhance risk resilience [2] - Riyue Co., Ltd. plans to accelerate its overseas market expansion to increase its global market share. The establishment of a joint venture with Zhejiang Ningbo Zhuhai Wind Port Equipment Development Co., Ltd. will enhance its influence and competitiveness in the wind power and casting industries [2] - The company anticipates a positive trend in the wind power industry, projecting that by June 2025, the cumulative installed capacity of wind power in the country will reach 573 million kilowatts [2] Group 4: 长城基金 (Great Wall Fund) - Great Wall Fund, established in 2001, has an asset management scale of ¥347.694 billion across all public funds, ranking 29th out of 210. For non-monetary public funds, the scale is ¥139.427 billion, ranking 37th [3] - The fund manages 235 public funds, ranking 27th, with 37 fund managers, ranking 32nd. The best-performing public fund in the past year is the Great Wall Health Mixed A, with a net value of 1.21 and a growth of 97.6% [3] - The latest public fund product launched is the Great Wall National Index Free Cash Flow A, which is an index-type equity fund, with a subscription period from July 14, 2025, to August 1, 2025 [3]

Core Viewpoint - Mingyang Electric has achieved significant technological breakthroughs in the offshore wind power sector, with the successful development and certification of a 72.5kV high-voltage conductive slip ring and a 252kV vacuum breaking environmental protection gas-insulated metal-enclosed switchgear, positioning the company favorably in the industry [1][4][7]. Technological Advancements - The 72.5kV high-voltage conductive slip ring has passed authoritative certification, breaking the previous limitation of 40.5kV in similar equipment, thus providing critical technical support for the large-scale development of floating offshore wind power [1][7]. - The new slip ring technology integrates into a single-point mooring system, utilizing gas insulation instead of traditional air insulation, which significantly reduces the equipment size and enhances corrosion resistance, making it suitable for harsh deep-sea environments [6][7]. - The technology ensures stable power transmission even in a rotating state, effectively addressing cable twisting and wear issues, thereby guaranteeing reliable power delivery for large-capacity offshore wind turbines [6][7]. Market Positioning and Strategy - Mingyang Electric's innovations align with the industry's shift towards deep-sea floating wind power, providing the company with a competitive edge in this emerging market [7]. - The company is committed to forward-looking strategies, focusing on technological advancements to address industry pain points and drive new upgrades in technology [8]. - Mingyang Electric is expanding its product matrix by developing low-energy consumption power modules for data centers and actively exploring the smart grid market, enhancing its overall competitiveness [8]. Financial Performance - In the first quarter of 2025, the company reported a revenue of 1.306 billion yuan, a year-on-year increase of 26.21%, and a net profit attributable to shareholders of 112 million yuan, up 25.01% year-on-year [9]. - The company aims to leverage its technological advantages and innovation capabilities to continue launching market-demand-driven products, aspiring to become a global leader in power transmission and distribution equipment and system services [9].

Summary of Offshore Wind Power Industry Conference Call Industry Overview - The offshore wind power sector is recognized as an emerging strategic industry with abundant resource reserves, indicating accelerated development and laying the foundation for future installed capacity growth [1][3][8] Key Developments by Province - **Zhejiang Province**: Approved 28GW projects in 2023, planning six major areas for 2024, initiating 2GW bidding in 2025, and aiming for construction in 2026. Additionally, 11GW of surveying and measurement bidding is underway [1][5] - **Fujian Province**: Standardized 4.8GW demonstration projects, with ongoing preliminary work on various projects [1][5] - **Shandong Province**: Planning 20GW project sites, with multiple projects in progress, including 1.3GW and 4GW initiatives [1][5] - **Liaoning Province**: Planning a 6GW project with a 1GW EPC package bidding scheduled for 2025 [1][5] - **Hainan Province**: Focused on floating wind turbines, with a 1GW pilot project in progress [1][5] - **Shanghai**: Approved 29GW offshore wind projects, with 4.3GW competitive bidding starting in 2024 [1][7] - **Guangdong Province**: Conducted 16GW competitive selection in 2023, with further projects planned [1][7] - **Hebei Province**: Plans to connect 1GW by 2025, but overall progress is slow [2][7] Policy and Market Dynamics - Recent government reports emphasize the importance of deep-sea technology and marine economy, indicating a strong future for offshore wind development [3][9] - The introduction of supportive policies has accelerated the development of demonstration projects, enhancing the overall efficiency and competitiveness of the industry [6][9] Future Trends and Projections - The industry is expected to see significant growth in installed capacity, particularly in 2025, with a notable increase in bidding and construction activities [3][8][9] - Domestic wind turbine bidding volume has increased by over double digits year-on-year in the first half of 2025, providing strong support for future installations [9] - The overseas market is anticipated to expand significantly, especially in Europe, with 2026 expected to be a year of substantial installation releases [9] Investment Recommendations - The industry outlook is positive for both the short and long term, with specific recommendations for companies involved in pile foundations, submarine cables, and core wind turbine manufacturing [3][9]

Investment Rating - The report maintains a "Positive" investment rating for the offshore wind pile industry [12] Core Insights - Recent market attention on the pile segment has increased, with stock price fluctuations primarily driven by performance, which is closely linked to downstream construction volume and company shipment volume [5][8] - In the short term, the offshore wind pile industry is expected to benefit from increased downstream construction in Q2, leading to a dual increase in volume and profit, thereby releasing performance elasticity [9][11] - The long-term outlook suggests that deep-sea development will open up growth opportunities for the pile industry, while overseas offshore wind installations are anticipated to experience significant growth, with domestic companies accelerating overseas expansion [10][11] Summary by Sections Introduction: Volume as the Core Factor Affecting Pile Segment Performance - The report identifies that stock price movements in the pile segment are mainly influenced by performance, which is affected by downstream construction and shipment volumes [8][18] Short-term: Q2 Expected to Mark a Performance Turning Point, with Support for 2025-2026 Outlook - The offshore wind pile industry is projected to benefit from increased construction activity in Q2, with a year-to-date increase in offshore wind construction volume of 23% [9][24] - The report anticipates that the increase in shipments will lead to significant cost dilution effects, enhancing profitability for related companies [9][22] Long-term: Deep-sea Development Opens Industry Growth Space, Offshore Wind Expansion Releases Growth Elasticity - The shift towards deep-sea offshore wind is expected to create long-term growth opportunities for the pile industry, with significant growth anticipated in overseas installations [10][44] - The report highlights that domestic companies are accelerating their overseas expansion efforts, which is expected to release performance growth elasticity [10][11] Investment Recommendations - The report recommends focusing on domestic offshore wind pile companies that are expected to benefit from increased construction activity in the short term and have growth potential in the long term due to deep-sea development and overseas expansion [11][86]

Summary of Wind Power Industry Conference Call Industry Overview - The domestic wind power market is expected to deliver approximately 120 GW in 2025, driven by the "14th Five-Year Plan" and policy impacts from Document 136 [1][4] - The global competitiveness of Chinese wind turbines is increasing, particularly in emerging markets such as Southeast Asia, the Middle East, and India, with expected overseas orders reaching 25 GW or more by 2025 [1][4] - Wind turbine prices have increased by 5% to 10% in 2025, with further increases anticipated in 2026 due to rising reliability demands and changes in bidding processes [1][10] Investment Returns - Wind farm investment returns remain high, with southern regions achieving over 8% and northern large-scale projects reaching over 15% [1][8][9] - Despite new policies potentially affecting some projects, overall profitability remains strong, particularly in regions like Inner Mongolia and Xinjiang [9][10] Component Costs and Supply Chain - The costs of key wind turbine components, such as blades, castings, and bearings, have generally risen, with blade prices increasing by 8% to 10%, impacting approximately one-third of the total turbine cost [1][14][19] - Supply chain strategies are crucial as component shortages lead to price increases, with average increases of 6% to 8% for bearings and 10% for bolts [14][15] Domestic and International Market Dynamics - The domestic market saw a bidding volume of nearly 200 GW in 2024, with expectations of 170 to 180 GW in 2025 due to a surge in installations [4][6] - Internationally, Chinese manufacturers like Goldwind and Envision are gaining market share, with orders increasing from under 10 GW in 2023 to 20 GW in 2024, and projected to reach 25 GW in 2025 [6][39] Future Trends - The deep-sea floating wind power technology is expected to grow significantly, with about 30% of new installations during the "14th Five-Year Plan" period adopting this technology [2][28] - The wind power industry is anticipated to experience rational development, with a consensus on minimum pricing to stabilize the market [16] Challenges and Opportunities - Domestic wind turbine manufacturers face challenges such as declining profit margins and increased competition, but they are focusing on international markets for growth [6][33] - The European market presents opportunities for Chinese companies, with higher profit margins compared to domestic markets, particularly in Southeast Asia and Europe [39][40] Key Players and Competitive Landscape - Major domestic players include Goldwind, Envision, and Tianhe, which have strong market positions due to quality management and government support [33] - Companies like Dajin Heavy Industry and Tianhe are expanding their presence in overseas markets, leveraging their competitive advantages [31][34] Conclusion - The wind power industry is poised for growth, driven by technological advancements, increasing global demand, and strategic international expansion by Chinese manufacturers. The focus on high-quality products and competitive pricing will be essential for sustaining profitability in the evolving market landscape [1][16][39]