Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][25] Core Views - The company has achieved significant growth in revenue and profitability, with a 99.25% year-on-year increase in revenue to 4.595 billion yuan and a 214.63% increase in net profit to 0.887 billion yuan for the first three quarters of 2025 [8][19] - The company is expected to maintain its leading position in the European offshore wind market, with a projected increase in both volume and profit in 2026 due to ongoing order acquisition and production optimization [23][25] - The launch of self-manufactured deck transport vessels is anticipated to enhance supply security and profitability, with the first vessel expected to commence operations in early 2026 [24][25] Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 4.595 billion yuan, a year-on-year increase of 99.25%, and a net profit of 0.887 billion yuan, up 214.63% [8][19] - In Q3 2025, the company achieved a revenue of 1.754 billion yuan, representing an 84.64% year-on-year increase, and a net profit of 0.341 billion yuan, up 215.12% [19] - The gross margin for Q3 2025 was 35.91%, an increase of 10.69 percentage points year-on-year, while the net margin was 19.42%, up 8.04 percentage points [19] Earnings Forecast and Financial Metrics - The company is projected to achieve net profits of 1.194 billion yuan, 1.655 billion yuan, and 2.096 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 28, 20, and 16 [3][25] - The expected revenue for 2025 is 5.998 billion yuan, reflecting a growth of 58.7% compared to the previous year [4][27] - The company's EBIT margin is forecasted to improve to 19.9% in 2025 and 23.3% in 2026 [4][27]