核心要点： 公司新产品收入增长不及预期。原材料价格上涨。降本增效不及预期。 投资建议 公司作为国内风电高空作业设备龙头，有望充分受益于国内外风电新增装机增长和存量市场改造。同 时，海风装机占比提升和风机大型化趋势持续，亦有望提升公司单机产品价值量和盈利能力。综上，我 们上调2025-2027 年公司营业收入为18.2/22.5/27.6 亿元(前值为16.6/19.9/24.8 亿元)，同比增长 40.1%/23.6%/22.9%(前值27.8%/20.0%/24.6%)；归母净利润5.0/6.1/7.5 亿元(前值4.2/5.2/6.5 亿元)，同比 增长59.7%/20.7%/23.1%(前值为33.6%/24.4%/24.0%)。对应2025 年8 月25 日收盘价，市盈率为 16.6/13.7/11.1 倍，维持公司"买入"评级。 风险提示 国内外风电装机不及预期。贸易摩擦升级。海外市场拓展不及预期。 公司发布2025 年半年度报告，业绩超预期 2025 年8 月22 日，公司发布2025 年半年度报告。2025 年上半年，公司实现营业收入约8.2 亿元，同比 +43.5%；归母净利润2.6 亿元，同 ...

Core Insights - China's wind power installed capacity is rapidly increasing, with wind power generation accounting for over 12% of total electricity generation this year [1] - By 2030, global offshore wind power installed capacity is expected to exceed 230 GW, with China's deep-sea projects becoming a key growth point for international cooperation [1] - As of April, China's cumulative wind power installed capacity reached 15.5%, and in the first four months of this year, wind power generation reached 381.43 billion kWh, representing 12.78% of total electricity generation [1] - The rapid growth in wind power installed capacity is expected to lead to decreasing costs for wind energy [1]