Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 26.3 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 30%, while the net profit attributable to shareholders was approximately 770 million yuan, a decline of 5% year-on-year. In Q3 alone, the revenue was about 9.2 billion yuan, with a year-on-year increase of 9%, and the net profit was approximately 160 million yuan, up 5% year-on-year [2][4] Summary by Sections Revenue Performance - In Q3, the company achieved a wind turbine shipment of approximately 4.2 GW, with onshore wind accounting for about 3.1 GW and offshore wind for about 1.1 GW, generating sales revenue of approximately 8.04 billion yuan, a year-on-year increase of 9%. The revenue from power station products was about 610 million yuan, showing some growth, while the revenue from power station operation decreased by 23% to approximately 270 million yuan [12] Profitability - The gross margin for Q3 was approximately 10.3%, an increase of 5.5 percentage points year-on-year. The period expense ratio was about 8.7%, down 0.7 percentage points year-on-year. The net profit margin was approximately 1.7%, showing a year-on-year decline [12] Other Key Indicators - The company's inventory and contract liabilities were approximately 18.5 billion yuan and 8.2 billion yuan, respectively, both at historical highs, which lays a foundation for future delivery performance [12] - The company is expected to see an improvement in the average delivery price of wind turbines in 2026, with a significant release of performance anticipated. The net profit attributable to shareholders is projected to be approximately 1.1 billion yuan and 2.8 billion yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of approximately 27 times and 11 times [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 3.72 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.6%. However, the net profit attributable to shareholders was 70 million yuan, a significant decline of 76.1% year-on-year [2][4] - In Q3 2025, the company achieved a revenue of 1.53 billion yuan, which is a year-on-year increase of 17.8% and a quarter-on-quarter increase of 21.4%. The net profit attributable to shareholders for this quarter was 20 million yuan, down 79.0% year-on-year and down 12.6% quarter-on-quarter [2][4] - The company's gross margin for Q3 was approximately 16.5%, a decrease of 6.3 percentage points year-on-year, primarily due to the company's proactive reduction of onshore wind business and a decline in power generation gross margin [6] - The company has seen an increase in contract liabilities, which reached 611 million yuan by the end of Q3 2025, indicating a solid foundation for future deliveries [13] Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company's gross margin was 19.07%, down 6.22 percentage points year-on-year. The total expense ratio for the same period was 14.38%, a decrease of 1.20 percentage points year-on-year [12] - The company received approximately 56 million yuan in other income due to increased government subsidies [12] Operational Insights - By the end of Q3 2025, the company's inventory and contract liabilities were 2.539 billion yuan and 611 million yuan, respectively, which are expected to support future delivery performance [13] - The company is actively expanding its domestic and international offshore wind product markets, which is anticipated to release growth potential in performance [13] Future Outlook - The company is expected to see net profits of approximately 180 million yuan and 760 million yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of approximately 69 times and 16 times [13]

证券代码：300904 证券简称：威力传动 银川威力传动技术股份有限公司 答：全球与中国风电装机规模均呈持续扩容态势，行业增长势 头强劲，为风电增速器市场构建了稳固的需求支撑，形成"全球市 场稳步增长、中国市场引领风骚、技术迭代催生升级"的发展格局。 从全球范围看，风力发电作为技术成熟、商业化潜力明确的可 再生能源类型，装机容量始终保持稳定增长。依据全球风能理事会 （GWEC）《2025 全球风能报告》数据，2025-2030 年全球风电新增 装机容量预计达 981GW，年均新增 164GW，如此庞大的装机体量将直 接拉动风电增速器等核心零部件的市场需求。 2025 北京国际风能大会发布《风能北京宣言 2.0》，宣言设定 中国"十五五"期间风电年均新增装机容量不低于 1.2 亿千瓦，确保 2030 年累计装机容量达到 13 亿千瓦、2035 年不少于 20 亿千瓦、2060 年实现 50 亿千瓦的发展目标。 国家能源局数据显示，2025 年 1-10 月全国风电新增装机容量 70.01GW，同比增长 52.86%。无论是陆上大型风电基地、海上深远 海风电项目，还是农村分散式风电项目，均需配套增速器等核心零 部 ...

华源证券发布研报称，维持金风科技（002202）(02208)"买入"评级，前三季度业绩表现强劲，营收和 归母净利润同比分别增长34.3%和44.2%。业绩增长主要受益于风电行业高景气度，风机销量同比大幅 提升90%，且毛利率持续改善。随着"十五五"规划支持风电装机及风机价格回升，公司盈利能力有望进 一步修复。 华源证券主要观点如下： 业绩表现 25Q1-Q3公司实现营业收入481.5亿元(同比+34.3%)，实现归母净利润25.8亿元(同比+44.2%)。其中25Q3 实现营收196.1亿元(同比+25.4%)，实现归母净利润10.97亿元(同比+170.6%)。 风电设备销售保持高位，毛利率环比持续改善 (1)风机销售方面：受益于风电行业高景气度，25Q1-Q3公司对外销售容量达到18.4GW(同比+90%)，其 中25Q3对外销售7.8GW(同比+124%)，是公司营收的主要贡献板块。(2)毛利率方面：公司未披露风机板 块毛利率，但25Q3公司整体毛利率达到13%，环比提升0.84pct，风机板块毛利率预计仍处于上行通 道，利润改善趋势或保持延续。(3)订单方面：截至9月30日，公司在手订单达到52.5 ...

智通财经APP获悉，华源证券发布研报称，维持金风科技(02208)"买入"评级，前三季度业绩表现强劲， 营收和归母净利润同比分别增长34.3%和44.2%。业绩增长主要受益于风电行业高景气度，风机销量同 比大幅提升90%，且毛利率持续改善。随着"十五五"规划支持风电装机及风机价格回升，公司盈利能力 有望进一步修复。 今年1—9月公司新增权益并网装机容量745MW，同时销售风电场100MW。截至9月底公司自营权益装 机8688MW，在建权益装机4062MW，平均利用小时数达到1730小时。 十五五风电装机有望延续较高水平，风机价格一年来持续回升 10月20日北京国际风能大会发布《风能北京宣言2.0》，提出十五五期间年均风电新增容量不低于1.2亿 千瓦，随着电力市场化改革加速，风电在电力市场中具备价格优势，装机量有望延续较高水平。根据公 司统计，9月全国风电整机投标均价1610元/千瓦，价格从底部震荡回升，整机盈利能力有望继续改善。 华源证券主要观点如下： 业绩表现 25Q1-Q3公司实现营业收入481.5亿元(同比+34.3%)，实现归母净利润25.8亿元(同比+44.2%)。其中25Q3 实现营收196.1亿 ...

公司发布2025 年三季报，前三季度实现营业收入21 亿元，同比增长61%，归母净利润约3亿元，同比增 长105%；单季度看，公司Q3 实现营业收入8 亿元，同比增长39%，归母净利润约1.2 亿元，同比增长 57%。 事件评论 事件描述 其他指标，公司Q3 末存货约10.7 亿元，整体处于历史高位，有望奠定后续交付景气基础。公司Q3 末在 建工程约3.8 亿元，较年初有所增加，预计主要因高端传动装备科创产业园项目（第一阶段1 期）建设 投入增加所致，表明公司积极推进产能建设。 展望后续，2026 年风电装机有望维持高景气，公司积极开拓国内外市场，铸锻件产能饱满，出货交付 有望放量，释放业绩成长弹性。预计公司2025 年、2026 年归母净利润约4.5 亿元、6.3 亿元，对应PE 分 别约19 倍、14 倍。维持"买入"评级。 风险提示 1、风电行业装机不及预期； 2、风电主轴行业竞争格局恶化。 收入端，公司Q3 营业收入同比较快增长，预计主要因产品出货量同比增加，以及风电装配业务带来的 收入贡献。 盈利端，公司Q3 毛利率约26%，同比提升1.5pct，预计主要因产品价格上涨、原材料价格下降，以及出 货量 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨金雷股份（300443.SZ） [Table_Title] 金雷股份：Q3 经营业绩延续景气，产能建设积 极推进 报告要点 [Table_Summary] 公司发布 2025 年三季报，前三季度实现营业收入 21 亿元，同比增长 61%，归母净利润约 3 亿 元，同比增长 105%；单季度看，公司 Q3 实现营业收入 8 亿元，同比增长 39%，归母净利润 约 1.2 亿元，同比增长 57%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% [Table_scodeMsg2] 金雷股份（300443.SZ） cjzqdt11111 [Table_Title 金雷股份：Q32] 经营业绩延续景气，产能建设积 极推进 [Table_Summary2] 事件描述 公司 ...

智通财经APP获悉，金风科技(02208)跌超5%，截至发稿，跌5.24%，报11.57港元，成交额1.04亿港元。 长城证券指出，2025年前三季度金风科技实现风机对外销售18.45GW，同比增长90%，其中6MW及以 上机组占比约86%，单Q3风机销售7.8GW，环比Q2基本持平。在手订单方面，公司截至2025年9月30日 的在手外部订单共计49.87GW，其中包含7.16GW海外订单。此外，《风能北京宣言2.0》提出目 标，"十五五"期间国内风电年新增装机容量不低于120GW，意味着行业需求维持高位，公司出货有望 保持良好的增长趋势。 消息面上，华创证券认为，近年来，机组大型化开始面临资源和生产的限制，功率增长的幅度在减缓。 短期看，风机价格过低致产业亏损出清。金风科技23/24年毛利率仅6.4%/5.1%，风电主机业务呈现亏损 状态。25年行业面临周期性抢装潮，主机目前在手订单高企，预计整机价格仍有望维持高位。24年9月 陆风主机中标均价触底，目前价格已经连续4个季度回升，25年1-8月涨幅10%。主机从中标到交付约一 年，26年主机制造盈利有望迎来拐点。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 1.352 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 44.75%. The net profit attributable to the parent company was 438 million yuan, up 83.99% year-on-year. In Q3 2025, the revenue reached 534 million yuan, with a year-on-year increase of 46.68%, and the net profit was 176 million yuan, growing 80.24% year-on-year. The outlook suggests that the company is expected to benefit from the high demand in the domestic wind power installation and the ongoing renovation needs in the U.S. market, which will enhance its performance growth potential [2][5][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.352 billion yuan, a 44.75% increase year-on-year, and a net profit of 438 million yuan, an 83.99% increase year-on-year. In Q3 2025, the revenue was 534 million yuan, up 46.68% year-on-year, and the net profit was 176 million yuan, an increase of 80.24% year-on-year [2][5] Profitability Improvement - The company's Q3 gross profit margin was approximately 51%, an increase of 2.1 percentage points year-on-year, while the net profit margin reached 33%, up over 6 percentage points year-on-year. The improvement in gross margin is attributed to a slight increase in the proportion of export revenue and a shift in product structure towards higher-value products due to the trend of larger wind turbines [6][11] Order Growth and Market Demand - New orders signed in the first nine months of 2025 increased by about 25% compared to the same period last year, with domestic market orders growing faster than overseas orders. The domestic wind power installation capacity continues to grow rapidly, with a reported increase of 6.109 million kilowatts in new installations from January to September 2025, a 56% year-on-year growth [11][12] Product Development and Market Position - The company is focusing on optimizing its product structure and launching high-quality new products. The gear rack and pinion lifts and large-load lifts have become key growth drivers. The company holds a leading market share of approximately 70% in the domestic wind power sector and over 30% in the international market [11][12] Future Earnings Projections - The company is expected to achieve net profits of 550 million yuan and 650 million yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 17 and 15 times [11][12]

Investment Rating - The report maintains a positive outlook on the wind power industry, highlighting continued revenue and profit growth in Q3 2025, with a recommendation to focus on companies with higher profit elasticity [3][25][28]. Core Insights - The wind power sector achieved revenues of 662 billion yuan in Q3 2025, a year-on-year increase of 27.2%, and a net profit of 14.4 billion yuan, up 4.6% year-on-year, indicating a sustained upward trend in profitability [2][25][28]. - The industry is expected to maintain high demand and pricing levels, supported by a robust order backlog of approximately 300 GW, which is projected to ensure continued growth through 2027 [2][3][13]. - The report identifies four key segments with varying performance: 1. The turbine segment shows profit differentiation, with companies like Goldwind and Yunda benefiting from fewer low-price orders [2][3]. 2. The operator segment has seen significant cash flow improvements due to accelerated national subsidies [2][3]. 3. The offshore wind and cable segments are experiencing high demand and increased capital expenditures [2][3]. 4. The components segment is benefiting from reduced raw material costs and high capacity utilization [2][3]. Summary by Sections Revenue and Profit Growth - The wind power sector's revenue for the first three quarters reached 1.71 trillion yuan, a 37.9% increase year-on-year, with a net profit of 56.7 billion yuan, up 12.5% year-on-year [18][21]. - Q3 2025 saw a sales gross margin of 13.5% and a net margin of 3.6%, reflecting a slight decline due to the increased share of lower-margin manufacturing business [18][21]. Demand and Pricing Trends - The average bidding price for onshore wind turbines increased by 12% year-on-year to 1593 yuan/kW, indicating a positive pricing trend [16][28]. - The report anticipates that the demand for wind installations will continue to accelerate, with an expected total of 118 GW of new installations for the year [8][13]. Segment Performance - The turbine segment's profitability is expected to improve due to a higher proportion of high-price orders in future deliveries [2][3]. - The offshore wind segment is experiencing robust growth, with significant capital investments and project deliveries [2][3]. - The components segment is seeing improved profitability driven by lower raw material costs and increased production efficiency [2][3]. Investment Recommendations - The report recommends focusing on companies with strong profit elasticity in the turbine segment, such as Goldwind, Yunda, and Mingyang Smart Energy, as well as those in the cable and component segments like Daikin Heavy Industries and Dongfang Cable [3][3].