1月29日晚，风电零部件龙头企业金雷股份发布2025年度业绩预告，公司预计归属于上市公司股东的净 利润达3.02亿元至3.63亿元，同比增长75.00%至110.00%；扣除非经常性损益后的净利润更为亮眼，预 计为3.32亿元至3.93亿元，同比增长91.07%至125.83%。 ...

Core Viewpoint - The company expects a significant increase in net profit for the fiscal year 2025, driven by the recovery in the wind power industry and enhanced market share due to technological advantages [1] Financial Performance - The projected net profit attributable to shareholders is between 780 million to 920 million yuan, representing a year-on-year growth of 1093.07% to 1307.21% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 680 million to 820 million yuan, indicating a year-on-year increase of 356.18% to 450.10% [1] Industry Context - The company benefits from a recovering demand in the wind power sector, with continuous release of installation demand [1] - The company has expanded its market share by leveraging its technological advantages [1] Operational Efficiency - The company maintains a high capacity utilization rate and has optimized cost control measures [1] - There has been a steady increase in product gross margin due to a higher proportion of high value-added products [1]

Group 1 - The company is a leading provider of wind power solutions, maintaining the top market share in China for 14 consecutive years and globally for 3 years, benefiting from a recovery in wind power demand and stable pricing, with revenue of 48.147 billion yuan and net profit of 2.584 billion yuan in the first three quarters of 2025, representing increases of 34.34% and 44.21% respectively [1] - Wind turbine prices have stabilized, initiating a recovery cycle for gross margins, with the average bidding price for turbines reaching 1610 yuan/kW in September 2025, a year-on-year increase of 9.2%, and the company’s gross margin for turbine manufacturing expected to continue improving [1] - The company’s order backlog reached a historical high of 52.5 GW by the end of Q3 2025, indicating strong future revenue potential [1] Group 2 - The offshore wind power sector in China is experiencing rapid growth, with an expected addition of 25 GW by 2030, and the company capturing 19.60% of new domestic offshore installations in 2024, ranking second in the market [2] - The company is expanding its overseas market presence, with a 41.7% year-on-year increase in exports, totaling 5193.7 MW in 2024, and a cumulative export capacity of 9790.8 MW by the end of 2024, significantly exceeding competitors [2] - The gross margin for the company’s overseas business reached 18.7% in the first half of 2025, indicating strong profitability potential from international operations [2] Group 3 - The company is expected to see continued profit growth, with projected net profits of 3.732 billion yuan, 5.120 billion yuan, and 5.571 billion yuan for 2025-2027, reflecting year-on-year growth rates of 100.6%, 37.2%, and 8.8% respectively [3] - The estimated earnings per share (EPS) for the same period are projected to be 0.88 yuan, 1.21 yuan, and 1.32 yuan, with corresponding price-to-earnings (PE) ratios of 20, 14, and 13 times [3] - The company is rated "Buy" based on its strong industry position, improving order structure, and favorable market conditions [3]

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational capabilities and a positive outlook for future performance [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 3.671 billion yuan, a year-on-year increase of 246.01% [1] - The net profit attributable to shareholders was 347 million yuan, up 299.36% year-on-year [1] - The basic EPS was approximately 1.59 yuan [1] - In Q3 2025, the company recorded revenue of 1.641 billion yuan, a year-on-year increase of 134.73% and a quarter-on-quarter increase of 3% [1] - The net profit for Q3 2025 was 141 million yuan, marking a turnaround from losses and a quarter-on-quarter increase of 0.16% [1] - The gross profit margin for the first three quarters of 2025 was approximately 16.23%, an increase of 10.22 percentage points year-on-year [1] Order Backlog and Growth Potential - As of the end of 2024, the company had signed contracts with a total revenue amount of approximately 4.883 billion yuan that are yet to be fulfilled [2] - The company had an order backlog of approximately 4.533 billion yuan at the end of H1 2025, representing a year-on-year growth of about 91% [2] - Revenue projections for 2025-2027 are estimated at 4.92 billion yuan, 7.38 billion yuan, and 8.72 billion yuan, with growth rates of 263%, 50%, and 18% respectively [2] - Net profit projections for the same period are 490 million yuan, 1.08 billion yuan, and 1.27 billion yuan, with growth rates of 645%, 119%, and 18% respectively [2] Profitability Metrics - The net profit margin for the first three quarters of 2025 was approximately 9.47%, an increase of 1.41 percentage points year-on-year [1] - In Q3 2025, the gross profit margin was approximately 15.22%, a year-on-year increase of 7.07 percentage points but a quarter-on-quarter decrease of 2.37 percentage points [1] Investment Recommendation - The company is expected to benefit from a recovery in demand in the offshore wind industry, with potential improvements in product structure from deep-sea projects [2] - The company maintains a "recommended" rating based on its significant revenue and profit growth potential [2]