Investment Rating - The report maintains a "Buy" rating for the company [11]. Core Insights - The company's wind turbine business has shown positive marginal changes, with significant improvements in profitability and a strong order backlog, particularly in overseas markets [3][9]. - The company achieved approximately 10.6 GW in wind turbine shipments in the first half of 2025, a year-on-year increase of 106.6%, with revenues of about 21.85 billion yuan, up 71% year-on-year [6][24]. - The gross margin for wind turbines reached approximately 8% in the first half of 2025, an increase of 4.2 percentage points year-on-year, indicating improved profitability [6][26]. Summary by Sections Short-term Outlook - The wind turbine business is expected to see further profitability recovery in the second half of 2025, supported by stable bidding prices and a solid order backlog [7][36]. - The industry is anticipated to reach a profitability recovery point, with wind turbine prices stabilizing and major manufacturers focusing on cost reduction and efficiency [7][36]. Medium to Long-term Outlook - The overseas wind power market is projected to grow rapidly, with a compound annual growth rate of approximately 14% from 2024 to 2030, potentially reaching a market size of 359 billion yuan by 2030 [8][61]. - The company has established a strong presence in international markets, with cumulative installed capacity of 10 GW across 40 countries as of the first half of 2025, and a significant increase in overseas orders [8][76]. - The company is actively developing new power plants and has plans for a 3 GW wind-hydrogen-ammonia integrated project, which is expected to provide additional profit support [89][90]. Investment Recommendations - The report highlights the company's strong performance in the first half of 2025, with a focus on the wind turbine business's positive changes and profitability improvements [9][91]. - The expected net profits for 2025 and 2026 are approximately 3.08 billion yuan and 4.29 billion yuan, respectively, with corresponding price-to-earnings ratios of 18 times and 13 times [9][91].

供需形势：我国风力发电行业产能过剩现象较为明显，2024年底全国风电发电机产能已超过200GW， 对应2024年全国新增风电装机近80GW、2025年行业110GW左右装机预期来看，产能过剩。 2023年下半年以来，主机中标均价已经明显趋于平稳，2024年底到2025年5月，主机价格有所上涨，涨 幅约10%，截至2025年5月，陆风不含塔筒均价上涨10%达到1600元以上状态已维持半年以上时间，风 机行业价格拐点明确，预计2025年行业中标均价上涨5%-10%，叠加主机自身降本，该行预计在2026年 主机毛利率有望迎来明显增长，风机行业向上周期开启。 重点推荐主机方向，建议关注：金风科技、运达股份、三一重能、明阳智能 风力发电是利用风能转化为电能的技术，风力发电机组是实现风能向电能转换的核心装置。风电整机上 游为零部件行业，下游为风力发电运营商。目前主流风电整机有三条技术路线：双馈、半直驱、直驱; 陆上风机中，双馈路线受益于成本优势，已占据绝对主导;海上风机以半直驱技术路线为主。 风机行业空间及增速：预计2025-2030年全球风机行业市场空间从3345亿提升至接近6000亿，复合增速 约为12%，考虑到中国 ...