Investment Rating - The report maintains a "Buy" rating for the company [6] Core Viewpoints - The company is positioned to leverage the significant potential and policy benefits of the European offshore wind market over the next 3-5 years, with opportunities for market share expansion in emerging markets like Japan and South Korea [1][15] - The company has established a leading position in the offshore pile export market, transitioning to a "manufacturing + service" full industry chain model, which enhances its order growth and profitability [2][3] - The company has successfully completed the switch to a DAP (Delivered at Place) product model, enhancing its service capabilities and increasing order value [2][25] - The company is proactively entering the floating foundation market, forming a dedicated team in Europe and collaborating with leading international solution providers to reduce overall costs [3][31] Summary by Sections Company Overview - The company is the only supplier in the Asia-Pacific region to deliver offshore products to the European market, having successfully entered this market since 2019 and securing multiple overseas project orders since 2022 [2][21] - The company has a robust order backlog, covering major European offshore wind market players [2][21] Financial Projections - Revenue projections for 2025-2027 are estimated at 65.1 billion, 84.0 billion, and 97.4 billion CNY respectively, with a significant increase in net profit forecasted to 10.5 billion, 13.7 billion, and 17.6 billion CNY [3][33] - The company expects a substantial growth in net profit, with year-on-year increases of 122%, 30%, and 28% for the respective years [3][33] Market Positioning - The company has completed the layout of three major offshore engineering bases, enhancing its production capacity and positioning itself as a key player in the global offshore engineering market [16][22] - The company is actively participating in the bidding for offshore wind projects in Japan and South Korea, establishing strong relationships with key players in these markets [23][24]

Core Viewpoint - Jiangsu Haiheng Wind Power Equipment Manufacturing Co., Ltd. is actively contributing to the clean energy sector by manufacturing wind power tower tubes, with a current order of 95 sets to be delivered to the Three Gorges project, showcasing its commitment to meeting market demand [1]. Group 1: Company Overview - Jiangsu Haiheng Wind Power Equipment Manufacturing Co., Ltd. is a key subsidiary of Jiangsu Haili Wind Power Equipment Technology Co., Ltd., focusing on offshore wind power equipment manufacturing [2]. - The company has accumulated orders exceeding 500 million yuan, demonstrating its professional strength and market influence in the offshore wind power equipment sector [2]. Group 2: Production and Quality Control - The company has established a strict quality inspection system, achieving a first-time pass rate of 99% for tower tube inspections, which is nearly 5 percentage points higher than the industry average [4]. - The final delivery acceptance rate can reach 100% after post-production corrections, highlighting the company's commitment to quality [4]. Group 3: Technological Advancements and Future Strategy - The company has met the provincial standards for green factories and is advancing towards automation and intelligent management, including upgrades to welding and spraying equipment [6]. - Jiangsu Haiheng is implementing a "two seas strategy," focusing on deepening its presence in the offshore wind market while expanding overseas business [6].