Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][13]. Core Insights - The company has introduced a globally innovative multi-purpose vessel designed for the transportation of wind power equipment, which is expected to create new demand due to its cost advantages over conventional vessels [4]. - The domestic wind turbine manufacturers are accelerating their overseas orders, with a significant increase in new contracts signed, suggesting a robust growth trajectory for the company's specialized maritime services [5]. - The forecasted net profits for the company are projected to be 1.21 billion, 1.66 billion, and 2.63 billion RMB for the years 2025, 2026, and 2027 respectively, reflecting a strong growth outlook [6]. Summary by Sections Event - On December 2, the company participated in the China International Maritime Exhibition and launched a globally innovative multi-purpose vessel [3]. Operational Analysis - The newly launched vessel is optimized for transporting wind power equipment, including main engines, towers, transition pieces, and blades, and can also serve heavy industrial and offshore engineering sectors. It features two 800-ton cranes and a cargo area of approximately 7,000 square meters, meeting the requirements for the longest offshore wind turbine blades [4]. Market Outlook - The acceleration of domestic wind turbine exports is evident, with new overseas orders reaching 28 GW in 2024 and further increasing by 68% in the first eleven months of 2025. This trend is expected to continue, enhancing the company's growth potential in specialized maritime services [5]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 1.21 billion, 1.66 billion, and 2.63 billion RMB respectively. The current stock price corresponds to a PE ratio of 27, 19, and 12 for the years 2025, 2026, and 2027, respectively [6][10].