Investment Rating - The report has downgraded the investment rating to "Accumulate" due to the company's active contraction of its land wind equipment business and the time required for the release of offshore engineering capacity [3]. Core Views - The company is actively pursuing a strategic transformation from land to offshore operations, focusing on expanding its offshore engineering business while controlling the scale of its land wind equipment segment [2]. - The company reported a revenue of 2.189 billion yuan in the first half of 2025, a decrease of 3.08% year-on-year, with a net profit attributable to the parent company of 54 million yuan, down 75.08% year-on-year [1]. - The offshore engineering products saw a significant revenue increase of 124.40% year-on-year, reaching 207 million yuan, although the gross margin declined [1]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 2.189 billion yuan, a decrease of 3.08% year-on-year, and a net profit of 54 million yuan, down 75.08% year-on-year [1]. - The second quarter of 2025 showed a revenue of 1.263 billion yuan, an increase of 4.82% year-on-year and a 36.40% increase quarter-on-quarter [1]. - The revenue from wind towers and related products increased by 33.10% to 810 million yuan, while the gross margin decreased by 4.32 percentage points to 3.89% [1]. Business Strategy - The company is focusing on the development of offshore engineering business, with its Guangdong Yangjiang base entering the production sprint phase and the expansion of the Sheyang Phase II officially launched [2]. - The company aims to establish a full industry chain layout for zero-carbon industrial business, having obtained 1,180 MW of wind power project indicators across three provinces [2]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 409 million yuan, 709 million yuan, and 924 million yuan respectively, reflecting a reduction of 44%, 35%, and 32% [3]. - The current stock price corresponds to a P/E ratio of 30, 17, and 13 for the years 2025-2027 [3].

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant revenue and profit growth driven by accelerated order deliveries and increased EPC construction business revenue [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.843 billion yuan, a year-on-year increase of 22.00%, and a net profit attributable to shareholders of 126 million yuan, up 106.69% year-on-year [1]. - The gross margin for H1 2025 was 19.67%, an increase of 2.80 percentage points year-on-year, while the net profit margin was 6.85%, up 2.59 percentage points year-on-year [2]. - The company’s Q2 2025 revenue reached 1.097 billion yuan, reflecting a year-on-year increase of 30.95% and a quarter-on-quarter increase of 46.88% [1]. Operational Efficiency - The company delivered 14 vessels in total for design and construction, 39 vessels for design, and 9 vessels for supervision in H1 2025, showing an increase in delivery speed compared to H1 2024 [3]. - The EPC business revenue reached 1.697 billion yuan, a year-on-year increase of 32.33%, driven by improved production efficiency through enhanced coordination and new processes [3]. Order Backlog and Market Position - As of the end of H1 2025, the company had a substantial order backlog, including 1.31 billion yuan for marine engineering design, 470 million yuan for supervision, and 14.143 billion yuan for construction, indicating a 1.3% increase compared to the end of 2024 [3][4]. - The company is positioned as a leader in the ship design and research industry, benefiting from government support for deep-sea technology and the growing demand for green ships due to international maritime organization policies [3][4]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been raised to 218 million yuan, 288 million yuan, and 334 million yuan, reflecting increases of 15%, 16%, and 17% respectively [5]. - The target price has been adjusted to 8.21 yuan, based on a projected PE ratio of 65 times for 2025, indicating confidence in the company’s ability to leverage its order backlog and operational efficiencies [5].

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