本次财报公布的各项数据指标表现尚佳。其中，毛利率50.15%，同比增6.28%，净利率32.02%，同比增 30.03%，销售费用、管理费用、财务费用总计9465.04万元，三费占营收比11.57%，同比减25.16%，每 股净资产12.97元，同比增14.38%，每股经营性现金流0.51元，同比增35.35%，每股收益1.23元，同比增 86.36% 据证券之星公开数据整理，近期中际联合(605305)发布2025年中报。截至本报告期末，公司营业总收入 8.18亿元，同比上升43.52%，归母净利润2.62亿元，同比上升86.61%。按单季度数据看，第二季度营业 总收入5.02亿元，同比上升52.13%，第二季度归母净利润1.64亿元，同比上升99.31%。本报告期中际联 合盈利能力上升，毛利率同比增幅3.11%，净利率同比增幅30.03%。 财务报表中对有大幅变动的财务项目的原因说明如下： 营业收入变动幅度为43.52%,原因:2025年上半年风电行业整体保持快速发展态势，公司把握机遇、积 极开拓市场，各类业务持续稳定增长，境内外收入同比增加带来本期主营业务收入增长。 应收款项变动幅度为26.64%,原因 ...

Group 1: Macro Insights - The export performance remains strong, with August exports expected to exceed expectations, while second-hand housing sales show slight improvement but remain weak overall [5][6] - The Jackson Hole meeting indicated a dovish stance from Powell, with a high probability of interest rate cuts in September and two cuts expected within the year [6][7] - The food and beverage sector has finally seen a daily-level increase, while the oil and petrochemical sectors have also reversed previous downtrends [7][11] Group 2: Company-Specific Insights - Jackson Hole's policy framework revisions suggest a shift away from the "average inflation target," which may limit long-term rate cuts if inflation remains high [6] - Xiaomi Group reported record revenue and profit in Q2 2025, driven by high-end product offerings and growth in IoT and automotive sectors [32][33] - The construction company Lianjian Technology is expected to see significant growth due to successful mergers and acquisitions, with projected net profits increasing substantially from 0.70 billion to 1.66 billion from 2025 to 2027 [20] - Angel Yeast is anticipated to enter a multi-year upward cycle, with projected net profits of 16.4 billion to 21.9 billion from 2025 to 2027, reflecting a strong recovery [21] - Weilai Transmission, a leader in wind power precision transmission, is expected to turn profitable in 2025, with significant growth in net profits projected for the following years [22] - Muyu Group's pig production volume increased by 44.8% in H1 2025, with a focus on cost reduction, aiming to lower costs to 11 yuan/kg by year-end [41][42]

Core Viewpoint - The report from Zhongtai Securities indicates that 2025 will be a recovery year for domestic offshore wind, with expectations for further growth in 2026 and beyond, driven by the commencement of key short-term projects and a rich pipeline of mid-to-long-term offshore wind approvals and deep-sea development trends [1][3] Group 1: Domestic Wind Power Market - The average bidding price for land wind turbines (excluding towers) is expected to rise from 1382 RMB/kW in the first half of 2024 to 1496 RMB/kW in the first half of 2025, reflecting an 8% year-on-year increase [2] - The average bidding price for land wind turbines (including towers) is projected to increase by 21% year-on-year to 2096 RMB/kW in the first half of 2025 [2] - The price stabilization and recovery trend for wind turbines since the second half of 2024 is expected to enhance the gross profit margin for wind turbines in the second half of 2025 or the first half of 2026 [2] Group 2: Offshore Wind Power Development - The year 2025 is anticipated to be a recovery year for domestic offshore wind, with significant project approvals and a clear trend towards deep-sea development, suggesting a new level of installed capacity during the 14th Five-Year Plan [3] - The domestic offshore wind turbine and overseas export turbine gross profit margins are significantly higher than those of domestic turbines, indicating that an increase in the proportion of dual-sea shipments by manufacturers will further improve profitability [4] Group 3: International Market Opportunities - In 2024, domestic wind turbine exports are expected to account for 14% of new installations in overseas markets, indicating substantial growth potential [4] - The average annual installation of overseas land wind is projected to be 61.5 GW and offshore wind 11.7 GW from 2025 to 2030, with significant contributions from regions such as Africa and Latin America [4] - Major domestic manufacturers have set ambitious delivery targets for 2025, with expected new order targets indicating a strong pipeline for future growth [4]

Core Insights - The company reported a revenue of 2.299 billion yuan for H1 2025, representing a year-on-year growth of 38.83%, while the net profit attributable to shareholders decreased by 8.08% to 119 million yuan [1] - The decline in net profit is attributed to rising procurement costs of raw materials and changes in the customer structure of overseas business, leading to a decrease in overall gross margin [1] - The company has a robust order backlog totaling 5.475 billion yuan, with significant contributions from both onshore and offshore wind power equipment orders [1] Business Performance - Onshore wind power equipment revenue reached 1.882 billion yuan in H1 2025, a year-on-year increase of 25.61%, with a gross margin of 12.72% [2] - Offshore wind power and marine engineering equipment revenue surged to 363 million yuan, reflecting a 226.21% year-on-year growth, with a gross margin of 9.29% [2] - The company aims to enhance its market share in both onshore and offshore wind power sectors, with specific production targets for steel towers and concrete towers set for 2025 [2] Investment Outlook - Revenue projections for 2025-2027 are estimated at 5.72 billion, 6.49 billion, and 6.78 billion yuan, with growth rates of 18%, 14%, and 5% respectively [3] - Net profit forecasts for the same period are 300 million, 420 million, and 470 million yuan, with growth rates of 63%, 41%, and 12% respectively [3] - The company is expected to benefit from the favorable demand in the wind power industry and aims to deepen its "dual sea" strategy while expanding production capacity [3]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights that the company's wind turbine gross margin exceeded expectations, indicating a positive outlook for wind turbine profitability [1] - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 28.54 billion yuan, a year-on-year increase of 41.26% [8] - The report anticipates a strong growth trajectory for the company's net profit, projecting a 80% increase in 2025, followed by 22% and 18% in the subsequent years [8] Financial Performance Summary - For 2023A, total revenue is projected at 50.457 billion yuan, with a year-on-year growth of 8.66% [1] - The net profit attributable to shareholders is expected to be 1.331 billion yuan in 2023A, reflecting a decline of 44.16% [1] - The earnings per share (EPS) for 2025E is forecasted to be 0.79 yuan, with a price-to-earnings (P/E) ratio of 13.31 [1] - The company’s gross margin for the first half of 2025 was reported at 15.35%, a decrease of 2.9 percentage points year-on-year [8] - The company’s operating cash flow for 2024A is projected at 2.316 billion yuan, with a significant increase expected in 2025E [9]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company's wind turbine business has significantly improved profitability, with a gross margin of 7.97%, an increase of 4.22 percentage points year-on-year [7] - The company achieved a revenue of 28.537 billion yuan in the first half of 2025, a year-on-year increase of 41.26%, and a net profit attributable to shareholders of 1.488 billion yuan, up 7.26% year-on-year [4][7] - The company has a strong order backlog, with external wind turbine orders totaling 51.81 GW, a year-on-year increase of 45.58% [7] Financial Summary - Revenue projections for 2025-2027 are 30.04 billion, 44.28 billion, and 53.31 billion yuan respectively, with corresponding dynamic P/E ratios of 14.9, 10.1, and 8.4 [8] - The company’s operating income is expected to grow significantly, with a projected revenue of 77.314 billion yuan in 2025, reflecting a year-on-year growth of 36.4% [6][9] - The gross margin is expected to stabilize around 14.3% in 2025, with a net profit margin of 3.9% [6][9]

Investment Rating - The report maintains a "Recommended" rating for the company, considering the favorable demand in the wind power industry and the company's potential to expand its market share through its "Double Sea" strategy and capacity expansion [3]. Core Viewpoints - The company reported a revenue of 2.299 billion yuan for the first half of 2025, representing a year-on-year growth of 38.83%. However, the net profit attributable to the parent company decreased by 8.08% to 119 million yuan, primarily due to rising raw material costs and changes in the customer structure of overseas business [1][2]. - The company has a robust order backlog totaling 5.475 billion yuan, with significant contributions from both onshore and offshore wind power equipment orders [1][2]. - The onshore wind power segment showed a positive trend, with revenues of 1.882 billion yuan in H1 2025, up 25.61% year-on-year, while the offshore wind power segment saw a remarkable growth of 226.21%, achieving revenues of 363 million yuan [2]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are estimated at 5.718 billion yuan, 6.493 billion yuan, and 6.784 billion yuan, respectively, with growth rates of 18%, 14%, and 5% [3][4]. - The net profit attributable to the parent company is forecasted to be 296 million yuan in 2025, 418 million yuan in 2026, and 469 million yuan in 2027, with growth rates of 62.8%, 41.1%, and 12.2% [3][4]. - The report indicates that the company is on track to meet its production targets for both steel towers and concrete towers by 2025, having completed approximately 46% and 42% of its respective targets as of H1 2025 [2].

Core Viewpoint - Goldwind Technology (002202) reported strong revenue growth in the 2025 mid-year report, with total revenue reaching 28.537 billion yuan, a year-on-year increase of 41.26%, while net profit attributable to shareholders was 1.488 billion yuan, up 7.26% year-on-year [1][3]. Financial Performance - Total revenue for the second quarter was 19.065 billion yuan, reflecting a 44.18% year-on-year increase [1]. - Net profit for the second quarter was 919 million yuan, showing a decline of 12.8% year-on-year [1]. - The company's accounts receivable reached 33.728 billion yuan, a 21.38% increase year-on-year, with accounts receivable accounting for 1812.89% of the latest annual net profit [1][4]. Profitability Metrics - Gross margin was 15.35%, down 15.91% year-on-year, while net margin was 5.83%, down 17.98% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 1.902 billion yuan, representing 6.67% of revenue, a decrease of 26.13% year-on-year [1]. - Earnings per share (EPS) increased to 0.34 yuan, a 7.34% rise year-on-year [1]. Cash Flow and Debt - Operating cash flow per share was -0.7 yuan, an improvement of 63.81% year-on-year [1]. - The net increase in cash and cash equivalents was up 41.84% due to increased cash receipts from sales [3]. - The company’s interest-bearing debt was 39.737 billion yuan, a slight decrease of 0.19% year-on-year [1]. Investment Insights - Analysts expect the company's performance in 2025 to reach 2.964 billion yuan, with an average EPS forecast of 0.7 yuan [4]. - The company’s return on invested capital (ROIC) was reported at 3.19%, indicating weak capital returns [4]. - The company’s cash flow situation is a concern, with cash and cash equivalents to current liabilities ratio at 24.65% [4]. Fund Holdings - The largest fund holding Goldwind Technology is the Bosera Theme LOF, with 14.24 million shares newly entered into the top ten holdings [5]. - Other funds such as the China Merchants Industry Select Stock Fund and the Xisi Zhongzheng Rare Earth Industry ETF have also increased their holdings [5].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance [3]. Core Views - The company is positioned as a leader in the wind power precision transmission sector, with a significant recovery expected in the wind power gearbox market by 2025, leading to a substantial increase in revenue [1][3]. - The company is shifting its strategic focus towards the higher-margin wind power gearbox market, which has a gross margin of 20-25% [1][2]. - A strategic partnership with Goldwind Technology is expected to accelerate the company's entry into the gearbox market, enhancing its competitive position [3]. Summary by Sections Company Overview - The company has been dedicated to the research, production, and sales of wind power gearboxes and reducers for over 20 years, with a focus on providing precision transmission solutions for the renewable energy sector [15]. Market Dynamics - The wind power gearbox industry has high entry barriers, high concentration, and high gross margins, with over 90% of wind turbines requiring gearbox components [2]. - The global wind power demand is anticipated to continue growing, with 80% of the gearbox production capacity located in China, benefiting domestic suppliers [2][12]. Financial Projections - The company is expected to achieve a significant revenue increase in 2025, with projected revenues of 1.25 billion yuan, reflecting a year-on-year growth of 262.4% [4]. - Forecasted net profits for 2025, 2026, and 2027 are 36 million yuan, 249 million yuan, and 358 million yuan, respectively, indicating a strong recovery and growth trajectory [3][4]. Strategic Initiatives - The company has signed an investment agreement to build a "Wind Power Gearbox Smart Factory" project, which is expected to enhance production capacity significantly [1][3]. - The first phase of the factory is scheduled to be completed and operational by the end of 2025, with an annual production capacity of 2,000 wind power gearboxes [1]. Financial Metrics - The company reported a revenue of 553 million yuan in 2023, which is expected to decline to 345 million yuan in 2024 before rebounding sharply in 2025 [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 125.6, 18.3, and 12.7, respectively, indicating a potential for significant valuation improvement as earnings recover [3][4].

Core Viewpoint - Goldwind Technology (002202.SZ) reported a significant increase in revenue and a modest rise in net profit for the first half of 2025, indicating strong operational performance despite a slight decline in adjusted net profit [1] Financial Performance - The company achieved an operating revenue of 28.537 billion yuan, representing a year-on-year growth of 41.26% [1] - The net profit attributable to shareholders reached 1.488 billion yuan, reflecting a year-on-year increase of 7.26% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.368 billion yuan, showing a slight decline of 0.40% year-on-year [1] - Basic earnings per share stood at 0.3421 yuan [1]