Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6][7]. Core Insights - The company reported strong revenue growth of 41.26% year-on-year, reaching 28.537 billion CNY in the first half of 2025, with a net profit of 1.488 billion CNY, reflecting a 7.26% increase [1]. - The order backlog has shown robust growth, with external orders increasing by 45.58% year-on-year to 51.81 GW, including a 42.27% increase in overseas orders [2]. - The company's wind turbine sales have significantly improved, with a 106.60% increase in sales volume to 10.64 GW in the first half of 2025, driven by a recovery in domestic wind power demand [2]. - The gross margin for wind turbine and component sales improved by 4.22 percentage points to 7.97%, indicating enhanced profitability [2]. - The company is actively expanding its wind power service and investment business, achieving service revenue of 2.896 billion CNY, with a 9.56% increase in after-sales service revenue [3]. Summary by Sections Financial Performance - In the second quarter of 2025, the company achieved a revenue of 19.065 billion CNY, a 44.18% year-on-year increase and a 101.28% quarter-on-quarter increase, with a net profit of 919 million CNY [1]. - The company expects net profits for 2025-2027 to be 3.221 billion CNY, 4.136 billion CNY, and 4.836 billion CNY respectively, with significant upward revisions of 23%, 35%, and 43% [4]. Market Position - The company is focusing on international and offshore business, which is expected to support its market share growth [2]. - The average operating hours for domestic units reached 1,255 hours, exceeding the national average by 168 hours, contributing to increased revenue from power generation [3]. Valuation Metrics - The projected earnings per share (EPS) for 2025-2027 are 0.76 CNY, 0.98 CNY, and 1.14 CNY, with corresponding price-to-earnings (P/E) ratios of 16 and 11 for A and H shares respectively [4][5].