风机制造业务：25H1 风机盈利开启上行修复期，海外订单高增全球风电市场景气度高企，根据GWEC 《2025 全球风电发展报告》，2024年全球新增风电装机容量达到117GW，其中陆上风电109GW，海上 风电8GW。风电行业内卷趋势减缓，行业中标价格企稳，2024 年8 月起，国内风机投标均价呈现上行 修复。2025 年6 月整机投标价为1616 元/kw，同比2024 年6 月的1465 元/kw，提升10.3%。风机行业集 中度不断提升，头部厂商竞争加剧。2024 年国内风机市场CR5 份额已达 74%，CR3 与CR5差距进一步 拉大，金风科技凭借先发优势和长期积累，与各大电力集团建立了稳定的合作关系，风机出货量连续多 年位居中国第一。 金风科技：全球风电整机领军企业，持续引领行业创新发展全球风电领军企业，业务覆盖全产业链彰显 一体化竞争优势。金风科技成立于1998 年，深度聚焦风电全产业链发展，形成风机制造、风电服务、 风电场投资与开发三大业务板块布局。2024 年公司国内风电新增装机容量达18.67GW，国内市场份额 占比22%，连续十四年排名全国第一；全球新增装机容量19.3GW，全球市场份额1 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Viewpoints - The offshore wind sector is expected to reach its peak in Q3, driven by optimistic domestic and international market conditions. Global offshore wind auction capacity is projected to reach 56.3GW in 2024, with an additional 100GW expected in the next two years. In China, the acceleration of offshore wind project construction since Q2 is anticipated to lead to a short-term performance realization in Q3 [1][2] - The profitability of components is expected to be strong due to the trend of larger wind turbines and expansion into overseas markets. The domestic wind turbine market is experiencing a shift towards larger models, leading to a temporary shortage of large components and increased bargaining power, resulting in excess profits in the component sector [2] - The turbine manufacturers are focusing on profit recovery and international expansion. Many turbine companies are entering a profit recovery phase, with improved cost structures and increased market demand. The price of wind turbines is expected to rise further, driven by a focus on quality and lifecycle economics [3][4] Summary by Sections Offshore Wind Market - The global offshore wind auction capacity is projected to reach 56.3GW in 2024, with an additional 100GW expected in the next two years. European countries are accelerating offshore wind projects, with significant increases in the number of grid-connected projects starting from 2026 [1] - In China, the acceleration of offshore wind project construction since Q2 is expected to lead to a performance realization in Q3, supported by policies promoting the "marine economy" and the advancement of deep-sea demonstration projects [1] Components Sector - The trend towards larger wind turbines is creating a temporary shortage of large components, enhancing the bargaining power of component manufacturers and leading to excess profits [2] - Domestic leading companies in the component sector are actively expanding into overseas markets, with significant increases in overseas orders expected to contribute to performance growth [2] Turbine Manufacturers - Turbine manufacturers are focusing on profit recovery through improved cost structures and increased market demand. The price of wind turbines is expected to rise further, driven by a focus on quality and lifecycle economics [3] - In 2024, domestic wind turbine exports are projected to reach 5.19GW, with cumulative exports expected to reach 20.79GW by the end of 2024. Companies like Goldwind and Mingyang Smart Energy are achieving breakthroughs in overseas markets [4] Investment Recommendations - Recommended companies for investment include: - Offshore wind infrastructure and towers: Dajin Heavy Industry, Haili Wind Power, and Tiensun Wind Energy - Submarine cables: Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric - Castings and forgings: Jinlei Co., Riyue Co., and Guangda Special Materials - Turbine manufacturers: Goldwind, Yunda Co., Mingyang Smart Energy, and Sany Heavy Energy [5]

Investment Rating - The report maintains a "Recommended" rating for the wind power industry [1] Core Insights - The report highlights three main investment themes in the wind power sector: 1) The demand for deep-sea and European offshore wind is expected to benefit the offshore wind industry chain; 2) The prices of main engines have stopped declining and are on the rise, leading to improved profitability; 3) Focus on leading companies in components such as bearings, gearboxes, blades, and castings that have incremental business or overseas market potential [2][22] Summary by Sections Industry Basic Data - The total number of stocks in the industry is 303, with a total market capitalization of 67,702.67 billion and a circulating market capitalization of 60,461.44 billion [4] Wind Turbine Data - During the week, 0.6 GW of offshore wind was tendered in Shandong, with a total of 1.6 GW of wind turbines tendered, including 0.6 GW offshore and 1.0 GW onshore. The average winning bid for onshore wind was 1,476 yuan/kW [10][16] - As of September 12, 2025, the total tendered capacity for wind power this year is 62.4 GW, with 4.8 GW offshore and 57.7 GW onshore [10] Key Company Profit Forecasts and Valuations - Key companies in the industry have varying EPS and PE ratios for 2025E, with 东方电缆 (Oriental Cable) rated as "Strong Buy" and 明阳智能 (Mingyang Smart Energy) also rated as "Strong Buy" [3] Market Performance - The absolute performance of the industry over the past 1 month, 6 months, and 12 months is 19.4%, 28.3%, and 71.4% respectively, indicating strong growth [5] Investment Recommendations - The report suggests focusing on leading companies such as 东方电缆 (Oriental Cable), 明阳智能 (Mingyang Smart Energy), and others that are positioned to benefit from the trends in the offshore wind market [22]

Investment Rating - The report maintains a "Buy" rating for the wind power industry, indicating a high level of optimism regarding its continued growth and profitability improvement [2]. Core Insights - The wind power industry is experiencing sustained high demand, with significant increases in installed capacity and profitability. In the first half of 2025, new wind power installations reached 51.4 GW, a year-on-year increase of 98.9% [9][22]. - The average bidding prices for onshore wind projects have started to recover, while offshore wind prices have stabilized. The average bidding price for onshore wind in Q1 and Q2 of 2025 was 1459 and 1543 CNY/kW, respectively, showing a quarter-on-quarter increase [15][22]. - The wind power sector's revenue and net profit have shown continuous growth, with total revenue of 2298.1 billion CNY in the first half of 2025, up 24.27% year-on-year, and a net profit of 126.9 billion CNY, up 15.01% year-on-year [24][30]. - Inventory and contract liabilities in the sector have reached their highest levels in five years, indicating a positive outlook for continued industry growth [30][38]. Summary by Sections Industry Overview - The wind power industry is witnessing a robust increase in installed capacity, with both onshore and offshore installations contributing significantly to growth [9][22]. - The bidding volume for wind turbines has increased, with a total of 71.9 GW of bids in the first half of 2025, reflecting strong market demand [9][22]. Financial Performance - The wind power sector's core companies achieved a revenue of 1364.4 billion CNY in Q2 2025, a 26.84% increase year-on-year and a 46.11% increase quarter-on-quarter [24][30]. - The net profit for the sector in Q2 2025 was 77.8 billion CNY, representing a year-on-year increase of 17.1% and a quarter-on-quarter increase of 57.99% [24][30]. Company Analysis - Key companies in the wind power sector, such as Dongfang Cable and Zhongtian Technology, are projected to see significant earnings growth, with EPS estimates for 2025 at 2.29 CNY and 1.04 CNY, respectively [3][22]. - The report highlights specific investment opportunities in companies benefiting from the offshore wind demand and improving profitability in the component supply chain [30][38].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [5][45]. Core Insights - The company is experiencing a recovery in wind turbine profitability, with significant growth potential in overseas markets. The domestic wind power project bidding volume increased by 8.8% year-on-year in the first half of 2025, reaching 71.9GW, with onshore wind projects dominating [2][18]. - The company has a robust order backlog, with external orders totaling 41.4GW as of the end of the first half of 2025, including a notable increase in overseas orders, which grew by 42.27% year-on-year [2][29]. - Revenue for the first half of 2025 reached 285.37 billion yuan, a year-on-year increase of 41.26%, while net profit attributable to shareholders was 14.88 billion yuan, up 7.26% year-on-year [9][31]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 285.37 billion yuan, a 41.26% increase year-on-year, and a net profit of 14.88 billion yuan, reflecting a 7.26% growth. The second quarter alone saw revenues of 190.65 billion yuan, a 44.18% increase year-on-year and a 101.28% increase quarter-on-quarter [9][31]. - The sales revenue from wind turbines and components was 218.52 billion yuan, a 71.15% increase, accounting for 76.58% of total revenue, with a gross margin of 7.97% [14][31]. Business Segments - Wind turbine and component sales are the primary revenue drivers, with significant growth in this segment. Wind farm development revenue decreased by 27.93% year-on-year, while wind power service revenue increased by 21.99% [14][31]. - The company is diversifying its business, focusing on wind turbine manufacturing, wind power services, and wind farm investment and development, with a strong emphasis on technological innovation and international market expansion [23][18]. Future Outlook - The company forecasts revenues of 778.1 billion yuan, 881.4 billion yuan, and 959.1 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 33.6 billion yuan, 42.7 billion yuan, and 49.7 billion yuan [3][45]. - The report highlights the expected recovery in wind turbine profitability and the growth of international business as key drivers for future performance [2][45].

Core Viewpoint - The surge in orders for solid-state battery production equipment has led to a collective rally in the A-share new energy sector, with companies like Xihua Technology and others in the solid-state battery and photovoltaic sectors experiencing significant stock price increases [1]. Company Overview - Xihua Technology primarily produces specialized components for wind turbine gearboxes, contributing over 82% of its revenue, with a high customer concentration [2][3]. - The company's products include planetary frames, gearbox bodies, torque arms, and flanges, designed to withstand harsh environmental conditions [2]. Financial Performance - Xihua Technology's revenue for 2022, 2023, and projected 2024 is approximately 9.42 billion, 9.08 billion, and 9.55 billion respectively, with a gross profit margin of 29.18%, 30.24%, and 25.91% [9][10]. - The net profit has shown a declining trend, with figures of about 1.84 billion, 1.77 billion, and 1.42 billion for the same years [9][10]. Market Dynamics - The wind power market is characterized by cyclical demand influenced by macroeconomic conditions and government policies, which can significantly impact the demand for wind turbine components [12]. - China is a major player in the global wind power market, accounting for 68% of the new installed capacity in 2024, with a total of 117 GW expected globally [12][15]. Competitive Landscape - Xihua Technology faces significant competition in the wind turbine gearbox sector, requiring continuous technological development to meet market demands [7]. - The company has a high customer concentration risk, with over 99% of its revenue coming from its top five clients, including a significant portion from a single client [9]. Future Outlook - The company anticipates a recovery in demand starting in the second quarter of 2024, driven by improved supply capabilities for large megawatt products [10]. - Xihua Technology plans to raise approximately 1.5 billion for projects related to wind power core equipment and research center development through its IPO [18].

Core Viewpoint - The wind power industry in China is expected to see a gradual increase in demand by 2026, following a significant value uplift in 2025, with a notable growth in both onshore and offshore wind installations and output [1] Industry Trends - The forecast for new wind power installations in China for 2026 is set at 120-130 GW, with a potential slight decline in onshore installations, while offshore installations are expected to grow significantly to 13-17 GW [2] - The overall value of the wind power industry in 2026 is anticipated to remain healthy, with steady growth [2] - The manufacturing net profit margins in the industry are expected to recover significantly from the second half of 2025 into 2026 [2] - Demand for wind turbine components is projected to exceed expectations in 2026, with a focus on product upgrades [2] - The delivery of offshore wind towers is gradually increasing, while overseas offshore wind remains in a tight supply-demand cycle [2] - Continuous accumulation of orders for submarine cables is expected, with a gradual increase in delivery, particularly for 500kV products [2] Financial Performance - In the first half of 2025, the overall profitability of the wind power equipment industry showed a recovery, with total revenue and net profit (excluding non-recurring items) increasing by 40.1% and 25.9% year-on-year, respectively [1] - In the second quarter of 2025, total revenue rose by 45.6% year-on-year and 62.2% quarter-on-quarter, while net profit (excluding non-recurring items) increased by 33.5% year-on-year and 72.9% quarter-on-quarter [1] - Excluding the turbine segment, the net profit (excluding non-recurring items) for the first half and second quarter of 2025 increased by 59.1% and 69.8% year-on-year, respectively [1]

Core Viewpoint - Goldwind Technology reported a significant increase in revenue for the first half of 2025, achieving 28.537 billion yuan, a year-on-year growth of 41.26%, and a net profit attributable to shareholders of 1.488 billion yuan, up 7.26% year-on-year, while the net profit excluding non-recurring items slightly decreased by 0.40% [1][2][3] Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 19.065 billion yuan, representing a year-on-year increase of 44.18% and a quarter-on-quarter growth of 101.28%. The net profit attributable to shareholders for the same quarter was 919 million yuan, down 12.80% year-on-year but up 61.78% quarter-on-quarter [2] - The substantial revenue growth in the first half of 2025 was primarily driven by increased sales in the wind turbine and component segments [3] Margin and Cost Management - The overall gross margin for the wind power industry was 15.1% in the first half of 2025, a decrease of 3.07 percentage points year-on-year, mainly due to the significant growth in revenue from the lower-margin wind turbine business [1][3] - The gross margin for the wind turbine business improved to 8%, an increase of 4.2 percentage points year-on-year, indicating a notable recovery in profitability for the main unit business [1][3] - The company successfully reduced its expense ratio by 3.58 percentage points year-on-year, demonstrating effective cost control measures [1][3] Business Segment Performance - The wind turbine and component business generated revenue of 21.85 billion yuan in the first half of 2025, a year-on-year increase of 71.15%, accounting for 76.58% of the company's total revenue [3] - The company sold 10.64 GW of wind turbine units from January to June 2025, marking a year-on-year growth of 106.60%, with sales of units above 6MW becoming the main model, showing a 187% increase in sales capacity year-on-year [3]

Group 1 - The issuer, Taisheng Wind Power Group Co., Ltd., is applying for a specific object stock issuance and listing on the ChiNext board, with Huatai United Securities as the sponsor [1][3] - The total share capital of the issuer as of June 30, 2025, is 934,899,232 shares, with 30.85% being restricted shares and 69.15% being unrestricted shares [7] - The top ten shareholders hold a total of 369,298,730 shares, accounting for 39.49% of the total share capital [7] Group 2 - The issuer's business includes sales of metal structures, onshore and offshore wind turbine sales, and manufacturing of marine engineering equipment [7] - As of June 30, 2025, the issuer's total assets amount to 1,015,133.58 million, with total liabilities of 559,493.05 million and shareholders' equity of 455,640.52 million [11] - The issuer's revenue for the first half of 2025 is reported at 229,854.49 million, with a net profit of 11,506.27 million [11] Group 3 - The fundraising amount for the stock issuance is expected to be no more than 117,592.92 million, which will be used to supplement working capital [25][26] - The issuance price is set at 6.76 per share, which complies with the regulations of not being lower than 80% of the average stock price over the previous 20 trading days [27][28] - The issuer has completed the necessary internal decision-making procedures for the stock issuance, including board and shareholder meetings [17][18]

Core Viewpoint - The company has shown significant growth in revenue and net profit in the first half of 2025, driven by its strategic focus on both oil and gas equipment and wind power sectors [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 950 million yuan, a year-on-year increase of 49.8% [1]. - The net profit attributable to shareholders reached 33.865 million yuan, up 111% year-on-year, while the net profit after deducting non-recurring gains and losses was 29.444 million yuan, reflecting a 194.3% increase [1]. - The company's revenue grew from 650 million yuan in 2019 to 1.34 billion yuan in 2024, indicating a steady upward trend [1]. Business Segmentation - The company has diversified its revenue streams, with oil and gas equipment accounting for 34.4% and wind power equipment for 41.9% of total revenue in the first half of 2025 [1]. - In 2019, oil and gas equipment contributed 57.2% to total revenue, which decreased to 41.4% by 2024, while wind power equipment's share increased significantly [1]. Profitability Analysis - The gross margin for oil and gas equipment has remained relatively stable, fluctuating around 25%, but dropped to 21.1% in 2024 due to declining product order prices [2]. - The gross margin for wind power equipment fell from approximately 17% in 2019-2020 to -0.37% in 2024, leading to a significant decline in overall gross profit [2]. - In the first half of 2025, the gross margin for oil and gas equipment was 22.2%, while for wind power equipment it was 4.2% [2]. Market Outlook - The oil and gas industry is experiencing a recovery in exploration and development, which is expected to drive demand for high-value components [2]. - The wind power sector is benefiting from increasing market concentration and supportive domestic policies, contributing to stable growth in the gearbox market [2]. Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.78 yuan, 1.06 yuan, and 1.39 yuan for the years 2025, 2026, and 2027, respectively [3]. - The company is expected to benefit from increased capital expenditure in deep-sea oil projects and the growing demand for high-end equipment in unconventional oil and gas resources [3]. - A target price of 32.86 yuan has been set based on a 31 times price-to-earnings ratio for 2026, with a "buy" rating recommended [3].