Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 28.95 CNY, compared to the current stock price of 26.08 CNY [5]. Core Insights - The company reported a total revenue of 317 million CNY in Q1 2025, representing a year-on-year increase of 31.71%, and a net profit of 99 million CNY, up 68.78% year-on-year, marking a record high for a single quarter [1]. - The company has seen strong order growth, with new orders increasing approximately 50% year-on-year in Q1 2025, contributing to a robust revenue outlook [1][2]. - The company's gross margin and net margin improved to 48.64% and 31.1%, respectively, driven by a higher proportion of high-value products and effective cost control measures [2]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a total revenue of 317 million CNY, a 31.71% increase year-on-year, and a net profit of 99 million CNY, reflecting a 68.78% growth [1]. - The gross margin was reported at 48.64%, up 3.93 percentage points year-on-year, while the net margin increased by 6.83 percentage points to 31.1% [2]. Order and Revenue Growth - The company signed new orders that grew approximately 35% year-on-year in 2024 and 50% year-on-year in Q1 2025, indicating strong demand for its products [1]. - Export revenue accounted for 55% of total revenue, highlighting the company's successful international expansion [1]. Market Outlook - The domestic wind power market is expected to see significant growth, with installed capacity projected to reach 105-115 GW in 2025, representing a growth rate of 22.8% to 34.5% [3]. - The company is well-positioned to benefit from both domestic and international market trends, particularly in the wind power sector [3]. Profitability and Cost Control - The company's effective cost control measures have led to a decrease in total expense ratios, contributing to improved profitability [2]. - The company is expected to maintain strong revenue growth, with projected revenues of 1.61 billion CNY, 1.87 billion CNY, and 2.15 billion CNY for 2025, 2026, and 2027, respectively [8].