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].

平安证券指出，氢氨醇业务实质是电站业务的延伸。在136号文实施的背景下，市场一度担忧风机企业 电站业务的发展前景，随着政策层面对绿色液体燃料的支持以及风机企业加大对氢氨醇的投资，风机企 业电站业务想象空间打开。该行认为，当前风机企业面临国内风机制造业务盈利水平拐点向上、出海即 将迎来业绩兑现以及电站业务迎来氢氨醇增量的三重共振，看好风电整机企业的投资机会。 消息面上，近日，金风科技发布公告，拟开展乌拉特中旗3GW风氢氨醇一体化项目签订投资协议并开 展申报工作，该项目总投资额约189.2亿元，规划建设3GW风电，所发电力80%以上用于电解水制绿 氢，通过生物质气化耦合绿氢制取绿色甲醇60万吨/年、制取绿氨40万吨/年。 金风科技（002202）(02208)再涨超6%，截至发稿，涨4.99%，报13.47港元，成交额1.44亿港元。 ...

消息面上，近日，金风科技发布公告，拟开展乌拉特中旗3GW风氢氨醇一体化项目签订投资协议并开 展申报工作，该项目总投资额约189.2亿元，规划建设3GW风电，所发电力80%以上用于电解水制绿 氢，通过生物质气化耦合绿氢制取绿色甲醇60万吨/年、制取绿氨40万吨/年。 智通财经APP获悉，金风科技(02208)再涨超6%，截至发稿，涨4.99%，报13.47港元，成交额1.44亿港 元。 平安证券指出，氢氨醇业务实质是电站业务的延伸。在136号文实施的背景下，市场一度担忧风机企业 电站业务的发展前景，随着政策层面对绿色液体燃料的支持以及风机企业加大对氢氨醇的投资，风机企 业电站业务想象空间打开。该行认为，当前风机企业面临国内风机制造业务盈利水平拐点向上、出海即 将迎来业绩兑现以及电站业务迎来氢氨醇增量的三重共振，看好风电整机企业的投资机会。 ...

（文章来源：证券日报） 证券日报网讯 9月10日晚间，金风科技发布公告称，2025年9月10日，公司召开第九届董事会第五次会 议，审议通过了《关于金风科技乌拉特中旗3GW风氢氨醇一体化项目签订投资协议并开展申报工作的 议案》，同意公司基于内蒙古风氢氨醇一体化项目申报政策要求，进行项目申报及获取项目开发权。公 司全资子公司乌拉特中旗金风润航新能源科技有限公司将进行化工侧项目备案以及出具《落实投资承诺 函》，同时公司拟与巴彦淖尔市人民政府签订《风电制氢氨醇一体化项目投资开发协议书》，计划在巴 彦淖尔市辖区内投资建设风电制氢氨醇项目，总投资金额约为189.2亿元人民币。 ...