Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that will exceed market performance by 10% to 20% over the next six months [1][8]. Core Views - The company's revenue has shown significant growth, with a 45.33% year-on-year increase in the first half of 2025, primarily driven by a substantial rise in wind turbine shipments. However, profitability remains under pressure due to previous intense price competition [4][7]. - The company has achieved a notable increase in wind turbine sales, with a total of 8.1 GW sold in the first half of 2025, representing a 102.04% year-on-year growth. The backlog of orders stands at 46.42 GW, indicating strong future sales potential [7][8]. - The successful ignition of the "Jupiter One," a 30 MW pure hydrogen gas turbine, marks a significant technological advancement for the company, which is also actively pursuing international markets for offshore wind turbines [7][8]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 171.43 billion yuan, a 45.33% increase year-on-year. However, the net profit attributable to shareholders decreased by 7.68% to 6.10 billion yuan, and the net profit after deducting non-recurring items fell by 12.68% to 4.85 billion yuan [4][7]. - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 16.20 billion, 26.04 billion, and 35.24 billion yuan, respectively, reflecting an expected recovery in profitability [8]. Market Position and Strategy - The company is experiencing a recovery in the wind turbine business, with expectations for improved profitability as the competitive pricing environment stabilizes [7][8]. - The company is expanding its international presence, particularly in offshore wind markets, and has established a cooperation intention with AP Power in the Philippines [7][8]. Future Outlook - The report anticipates a gradual recovery in the company's profitability due to stabilizing prices in the wind turbine sector and the potential of new technologies and international market expansion [7][8].

Group 1 - Hong Kong Chief Executive John Lee led a delegation to Macau to discuss cooperation and high-quality development in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The meeting emphasized the importance of collaboration between Hong Kong and Macau to seize development opportunities [1] Group 2 - Shenzhen's Nanshan District has ranked first in the Saidi Top 100 Districts list for nine consecutive years, showcasing its strong economic performance [2] - Nanshan's "hard technology strength" and Futian's "financial soft power" are highlighted as key drivers of the Greater Bay Area's development [3] Group 3 - The world's largest pure hydrogen gas turbine, developed by Mingyang Smart Energy, has been successfully delivered, marking a significant milestone in hydrogen power generation in China [4] - This achievement reflects the advancement of China's energy equipment manufacturing industry [5] Group 4 - Shenzhen has over 4,000 innovation carriers, including major scientific infrastructure projects, which are driving the integration of technological and industrial innovation [6] - These new research institutions are continuously promoting the transformation of scientific achievements and industrial upgrades, contributing to the technological development of Shenzhen and the Greater Bay Area [7] Group 5 - The Shenzhen Composite Index closed at 11,177.78 points, up 0.64% [8] - Notable gainers included N Hansang with a price of 82.89 yuan, up 186.72%, and Dongfang Guoxin, up 20.02% [8] - Decliners included Dongjie Intelligent, down 16.43%, and Lide Man, down 11.43% [8]