Investment Logic - The company is a leading domestic offshore wind turbine manufacturer, with a three-tiered logic supporting its performance in an upward trajectory. In the short term, domestic onshore wind prices have rebounded, with the average bidding price for onshore wind turbines (excluding towers) expected to increase by over 10% year-on-year in 2025. As high-priced orders are delivered in 2026-2027, the company's manufacturing performance is anticipated to continue to release elasticity [1] - In the medium term, after three years of adjustment, the demand for domestic offshore wind construction is expected to gradually recover. It is projected that the average annual installed capacity of offshore wind during the 14th Five-Year Plan will increase from 8 GW to 15-20 GW, benefiting the company as a domestic offshore wind leader [1] - In the long term, Europe is entering a phase of rapid offshore wind construction, with an expected average annual installed capacity of over 15 GW after 2030. Currently, the local offshore wind turbine production capacity in Europe is only 4 GW. Coupled with the strong demand from European developers for cost reduction, the company is expected to achieve breakthroughs in the European offshore wind market through its local base in the UK, opening up long-term growth opportunities [1] Acquisition of Satellite Energy System Manufacturer - The company announced plans to acquire 100% of Zhongshan Dehua Chip through a combination of issuing shares and cash payments, along with raising matching funds. Dehua Chip focuses on flexible space solar cell chips and circuits, possessing gallium arsenide component-level supply capabilities. The general manager is Yang Wenyu, a former senior vice president of Blue Arrow Aerospace [2] - In September 2025, the world's lightest, most compact, highest efficiency, and simplest reliable deployment satellite fully flexible roll-fold solar wing made by Dehua Chip will be used in a commercial satellite for internet technology testing and successfully launched [2] - The company has established mass production capacity for HJT ground photovoltaic products and a pilot line for perovskite technology. With Dehua Chip's customer base and validation channels in the gallium arsenide field, the company is expected to smoothly enter the in-orbit verification phase after relevant product development, further opening the energy system market for high-power, large-area, and commercial satellites [2] Profit Forecast, Valuation, and Rating - The company is projected to achieve operating revenues of 37.4 billion, 42.7 billion, and 46.4 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth of 37.6%, 14.3%, and 8.6%. The net profit attributable to shareholders is expected to be 1.02 billion, 2.21 billion, and 3.14 billion yuan, with year-on-year growth of 195.4%, 116.2%, and 42.2%, corresponding to EPS of 0.45, 0.98, and 1.39 yuan [3] - The company benefits from rising domestic onshore wind prices and accelerated offshore wind construction, with strong certainty in the release of mid-to-short-term profit elasticity. The investment in European offshore wind capacity and the acquisition of Zhongshan Dehua Chip establish long-term growth momentum, maintaining a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating strong confidence in its future performance [4]. Core Views - The company is positioned as a leading domestic offshore wind turbine manufacturer, with a three-pronged logic supporting its performance growth: short-term price recovery in onshore wind, mid-term acceleration in offshore wind project development, and long-term expansion into the European market [15][17]. - The acquisition of Zhongshan Dehua Chip, a satellite energy system manufacturer, is expected to enhance the company's capabilities in space photovoltaic technology, further diversifying its energy solutions [3][70]. Summary by Sections Section 1: Domestic Offshore Wind Leader - The company ranks among the top four in domestic wind turbine installation market share from 2022 to 2024, with a leading position in offshore wind turbine technology and geographical layout [15][17]. - Short-term, the recovery in onshore wind turbine prices is expected to release profit elasticity, with a projected increase of over 10% in the average bidding price for onshore wind turbines in 2025 [20][25]. - Mid-term, the acceleration of offshore wind project development, particularly in regions like Zhejiang and Shanghai, is anticipated to drive growth in the company's offshore wind business [39][40]. - Long-term, the company aims to capitalize on the growing European offshore wind market, with expectations of significant demand growth and a strategic investment plan to establish a manufacturing base in Scotland [49][66]. Section 2: Satellite Energy System Manufacturer - The company plans to acquire 100% of Zhongshan Dehua Chip, which specializes in flexible space solar cell chips and systems, enhancing its position in the space energy sector [3][70]. - Dehua Chip's technology advancements, particularly in gallium arsenide solar cells, are expected to provide a competitive edge in the satellite energy market [76][81]. - The company's strategic focus on third-generation photovoltaic technology and space energy systems has been in place since 2013, indicating a long-term commitment to innovation in this field [71]. Section 3: Profit Forecast and Valuation - The company is projected to achieve revenues of 37.4 billion, 42.7 billion, and 46.4 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.02 billion, 2.21 billion, and 3.14 billion RMB [4][9]. - The expected earnings per share (EPS) for the same years are 0.45, 0.98, and 1.39 RMB, reflecting strong growth potential driven by domestic and international market dynamics [4][9].