Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching approximately 1.28 billion yuan, a year-on-year growth of about 80%, and a net profit of approximately 190 million yuan, a year-on-year increase of about 153% [2][4] - The second quarter of 2025 saw revenue of approximately 780 million yuan, a year-on-year growth of about 70%, and a net profit of approximately 130 million yuan, a year-on-year increase of about 194% [2][4] - The growth in revenue is attributed mainly to an increase in shipment volume, particularly in the wind power shaft segment, which achieved revenue of approximately 870 million yuan, a year-on-year increase of 93.6% [5] - The gross profit margin for the first half of 2025 was approximately 23.5%, an increase of 2.5 percentage points year-on-year, driven by the dilution effect from increased shipment volume [5] - The company is expected to benefit from the rapid growth in the wind power industry and is actively expanding into overseas markets and new business areas, which may enhance long-term growth potential [6] Summary by Sections Revenue Performance - In the first half of 2025, the company achieved revenue of approximately 1.28 billion yuan, a year-on-year increase of about 80% [2][4] - The wind power shaft segment contributed significantly, with revenue of approximately 870 million yuan, a year-on-year growth of 93.6% [5] Profitability - The gross profit margin for the first half of 2025 was approximately 23.5%, up 2.5 percentage points year-on-year [5] - The net profit for the first half of 2025 was approximately 190 million yuan, reflecting a year-on-year increase of about 153% [2][4] Future Outlook - The company is projected to achieve a net profit of approximately 450 million yuan in 2025, corresponding to a price-to-earnings ratio of about 20 times [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a strong performance in Q2 2025, with significant growth in revenue and net profit driven by the rapid expansion of its new energy control business and improved cost efficiency [6][8] - The company is expected to achieve a net profit of 6.1 billion, 7.6 billion, and 9.1 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 37%, 26%, and 20% [8] Financial Summary - Total shares outstanding: 454.57 million [2] - Market price: 33.93 CNY [2] - Market capitalization: 15,423.63 million CNY [2] - Revenue for H1 2025 reached 1.884 billion CNY, a year-on-year increase of 36.4% [6] - Net profit for H1 2025 was 243 million CNY, up 56.8% year-on-year [6] - Q2 2025 revenue was 1.111 billion CNY, showing a year-on-year increase of 33.3% and a quarter-on-quarter increase of 43.6% [6] - Q2 2025 net profit was 137 million CNY, a year-on-year increase of 38.1% [6] - Gross margin for H1 2025 was 36.7%, a decrease of 1.9 percentage points year-on-year [6] Business Segmentation - New energy control business revenue in Q2 2025 was 940 million CNY, a year-on-year increase of 49% and a quarter-on-quarter increase of 61% [8] - Engineering transmission business revenue in Q2 2025 was 110 million CNY, a year-on-year decrease of 25% [8] - Other business revenue in Q2 2025 was 65 million CNY, with a gross margin of 65.73% [8] Future Outlook - The company is expected to benefit from high demand in the wind power sector and is accelerating the introduction of ground power station customers in the solar storage field [8] - The company is also focusing on domestic substitution and innovation in the engineering transmission business, aiming to enhance order acquisition [8]

Core Points - The company has received approval for the issuance of medium-term notes totaling up to RMB 3 billion [1] - The registration for the medium-term notes is valid for two years from the date of the acceptance notice [1] - A consortium of banks will act as joint lead underwriters for the issuance [1] Group 1 - The company held its eighth board meeting and annual shareholder meeting, where it approved the general authorization for issuing bonds and asset-backed securities [1] - The company plans to apply for the registration of long-term, option-containing medium-term notes [1] - The acceptance notice for the registration was received on September 11, 2025, from the China Interbank Market Dealers Association [1] Group 2 - The company will comply with the relevant rules and regulations for the issuance of the medium-term notes [2] - The company is obligated to fulfill its information disclosure duties in a timely manner [2]

Investment Rating - The report maintains a "Buy" rating for Jinlei Co., Ltd. (300443.SZ) with an expected revenue growth of 41.8% in 2025 and a projected net profit of 409 million yuan [1][7]. Core Views - The company has demonstrated significant growth in both revenue and profit in the first half of 2025, with revenue increasing by 79.85% year-on-year, primarily driven by the substantial rise in shipments of wind power shaft products [2][4]. - The dual-driven strategy of "casting + forging" is expected to enhance profitability as the company continues to expand its market presence both domestically and internationally, particularly in the offshore wind power sector [4][3]. Financial Performance Summary - **Revenue**: Projected revenues for 2025, 2026, and 2027 are 2,789 million yuan, 3,519 million yuan, and 4,119 million yuan respectively, reflecting growth rates of 41.8%, 26.2%, and 17.1% [1][4]. - **Net Profit**: Expected net profits for the same years are 409 million yuan, 569 million yuan, and 713 million yuan, with growth rates of 136.9%, 39.1%, and 25.2% respectively [1][4]. - **Earnings Per Share (EPS)**: The projected EPS for 2025, 2026, and 2027 are 1.28 yuan, 1.78 yuan, and 2.23 yuan, corresponding to P/E ratios of 21.6, 15.6, and 12.4 [1][7]. Business Development Summary - The company has successfully increased its casting capacity and expanded its market reach, establishing strategic partnerships with major global wind turbine manufacturers such as GE and Siemens Gamesa [3][4]. - The growth in the wind power casting business is particularly notable, with sales revenue reaching 280 million yuan in the first half of 2025, a year-on-year increase of 276.06% [3].

Core Points - The company has received authorization from its shareholders to issue bonds and asset-backed securities, with a total amount not exceeding RMB 3 billion [1] - The company plans to apply for the registration of long-term, option-containing medium-term notes, with a total amount of up to RMB 3 billion [1] - The registration for the medium-term notes has been accepted by the China Interbank Market Dealers Association, valid for two years from the date of the acceptance notice [1] - A consortium of banks, including China Bank, Industrial Bank, and others, will act as joint lead underwriters for the issuance [1] Regulatory Compliance - The company will comply with the requirements of the acceptance notice and relevant regulations for the issuance of medium-term notes [2] - The company is obligated to fulfill its information disclosure duties in a timely manner as per the established rules [2]

Core Viewpoint - The wind power equipment sector experienced a slight decline of 0.11% on September 12, with major losses led by Daikin Heavy Industries, while the overall market indices showed modest gains [1][2]. Market Performance - The Shanghai Composite Index closed at 3883.69, up 0.22% - The Shenzhen Component Index closed at 12996.38, up 0.13% [1]. Wind Power Equipment Sector Performance - Key stocks in the wind power equipment sector showed varied performance, with notable gainers including: - Electric Wind Power (688660) up 8.08% at a closing price of 20.07 - Weili Transmission (300904) up 3.45% at a closing price of 68.28 - Zhonghuan Hailu (301040) up 2.17% at a closing price of 24.01 [1]. - Conversely, Daikin Heavy Industries (002487) led the declines, down 2.78% at a closing price of 40.26 [2]. Capital Flow Analysis - The wind power equipment sector saw a net outflow of 225 million yuan from institutional investors, while retail investors contributed a net inflow of approximately 48 million yuan [2][3]. - Notable capital flows included: - Electric Wind Power (688660) with a net inflow of 131 million yuan from institutional investors - Ji Xin Technology (601218) with a net inflow of 38.89 million yuan [3].

Investment Rating - The report maintains a "Recommended" rating for Jinlei Co., Ltd. (300443.SZ) [2] Core Views - Jinlei Co., Ltd. is positioned as a leading player in the wind power main shaft market, with significant growth in revenue and profit expected due to increased demand and production capacity [7] - The company reported a substantial increase in revenue and net profit for the first half of 2025, with revenue reaching 1.283 billion yuan, up 79.85% year-on-year, and net profit of 188 million yuan, up 153.34% year-on-year [7] - The growth in the wind power sector is driven by the expansion of casting and forging capabilities, with strategic partnerships established with major global wind turbine manufacturers [7] Financial Forecasts - Projected revenue for Jinlei Co., Ltd. is expected to grow from 1.967 billion yuan in 2024 to 3.752 billion yuan in 2027, reflecting a compound annual growth rate [2][9] - The forecasted net profit is expected to increase from 173 million yuan in 2024 to 635 million yuan in 2027, indicating strong profitability growth [2][9] - The company's EPS is projected to rise from 0.54 yuan in 2024 to 1.98 yuan in 2027, with a corresponding decrease in PE ratio from 51.26 to 13.95 [2][9] Revenue Breakdown - Wind power main shaft revenue is expected to significantly contribute to overall growth, with a forecast of 8.7 billion yuan in revenue for the first half of 2025, up 93.60% year-on-year [7] - Other precision shaft revenues are also projected to grow steadily, with a 11.56% increase year-on-year in the first half of 2025 [7] Cost and Margin Analysis - The gross margin is expected to improve from 21.33% in 2024 to around 27.54% in 2027, reflecting better cost management and pricing strategies [2][9] - The report highlights an increase in R&D expenses, which is anticipated to drive innovation and product development in the casting and industrial forging segments [7]

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The report highlights the issuance of the "New Energy Storage Scale Construction Special Action Plan" by the National Development and Reform Commission and the National Energy Administration, aiming for a new energy storage capacity of over 180 million kilowatts by 2027, with direct investment of approximately 250 billion yuan [5][36] - The electric equipment sector has shown strong performance, with a 28.39% increase year-to-date, outperforming the CSI 300 index by 12.81 percentage points [12][18] - The report suggests focusing on leading inverter companies that benefit from the development of new energy storage technologies [40] Market Review - As of September 11, 2025, the electric equipment industry has risen by 11.64% over the past two weeks, ranking first among 31 industries [12] - The wind power equipment sector increased by 0.35%, while the photovoltaic equipment sector rose by 13.34% [18] - The battery sector saw a significant increase of 19.50% in the same period [18] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 31.61 times, with sub-sectors like the motor sector at 61.67 times and photovoltaic equipment at 25.19 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating a strong market position for electric equipment [25] Industry News - The report discusses the "Electric Equipment Industry Steady Growth Work Plan (2025-2026)" aimed at improving equipment supply quality and promoting high-quality development of new energy equipment [36] - It also mentions the ongoing efforts to enhance the acceptance and regulation capabilities of the grid for clean energy [36] Company Announcements - The report includes various company announcements, such as the completion of registration procedures by Xidian New Energy in Thailand and significant contract wins by Youxunda [38] Weekly Perspective - The report emphasizes the importance of the new energy storage plan and its implications for the electric equipment sector, suggesting that companies with advanced technology and scale in inverter production should be closely monitored [39][40]

Investment Rating - The report maintains a "Buy" rating for companies such as Goldwind Technology, Yunda Co., and Daikin Heavy Industries, while recommending "Hold" for companies like Taisheng Wind Energy and Jinlei Co. [1][4] Core Insights - The wind power sector is experiencing accelerated construction, with significant growth in offshore wind power connections in the first half of 2025. The reform of the bidding system is expected to drive wind turbine prices upward. [4][55] - The report highlights the increasing demand for large-scale wind turbines and the application of new technologies, which are expected to enhance the development space for the entire industry. [4][55] Industry Dynamics - Zhejiang and Beijing have released proposals for market-oriented pricing reforms for renewable energy, with specific pricing set at 0.4153 CNY/kWh for existing projects. [2][12] - The wind power sector saw a significant increase in installed capacity, with 53.67 GW added in the first seven months of 2025, representing a 79.50% year-on-year growth. [27][28] - The average price for offshore wind turbines has shown a downward trend, currently at 3266.17 CNY/kW. [3][47] Stock Performance - The wind power equipment sector index increased by 3.28% in the week of September 1-5, 2025, outperforming the broader market indices. [21][22] - Key stocks such as Goldwind Technology and Yunda Co. led the gains with increases of 18.46% and 18.22%, respectively. [21][25] Macro Data and Wind Power Industry Tracking - The GDP for the first half of 2025 was reported at 66.05 trillion CNY, with a growth rate of 5.3%. [23][26] - The total electricity consumption in the first seven months of 2025 was 58633 billion kWh, reflecting a 4.5% increase year-on-year. [23][26] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the accelerating offshore wind power construction and the expansion of overseas markets. [55][56] - Specific recommendations include Goldwind Technology and Yunda Co. for the main turbine segment, Daikin Heavy Industries and Taisheng Wind Energy for tower and pile segments, and Jinlei Co. and Riyue Co. for casting and forging segments. [55][56]

Group 1 - The core point of the article is that Harmony Health has reduced its stake in Goldwind Technology by selling a total of 42.22 million shares, which represents 1.0000% of the company's total share capital after excluding shares held in the repurchase account [1]