2025 年 09 月 02 日 三一重能（688349.SH）2025 年半年报点评 事件：公司发布 2025 年中报，2025H1 公司实现营收 85.94 亿元，同比 +62.75%；实现归母净利润 2.10 亿元，同比-51.54%。单 Q2 实现营收 64.07 亿元，同比+80.35%；实现归母净利润 4.01 亿元，同比+139.20%，业绩符 合预期。 公司点评 | 三一重能 公司业绩表现优秀，风机销售毛利率有望迎来底部反转 证券研究报告 风机销售营收同比提升，销售容量达 4.72GW：25H1 公司实现风机销售 64.07 亿元，同比+30.32%。25H1 公司风机对外销售容量 4.72GW，同比增 长约 44%。 风机销售毛利率下半年有望实现反转：25H1 公司风机销售毛利率 4.65%， 同比-10.48pct。受 2024 年风机订单价格下降影响，公司上半年毛利率同比 出现下滑。上半年低价订单有望逐步出清，看好下半年风机销售毛利率反转。 持续获取海外订单，出海风机毛利率优势较国内明显：2025 年上半年，公 司海外新增订单 1GW，截止 8 月 28 日，2025 年海外新增订单已超 ...

Core Viewpoint - The company's 1H25 performance met market expectations, with significant revenue growth but a decline in net profit [1] Financial Performance - In 1H25, the company reported revenue of 8.594 billion yuan, a year-on-year increase of 62.75%, while net profit attributable to shareholders was 210 million yuan, corresponding to earnings per share of 0.17 yuan, down 51.54% year-on-year [1] - For 2Q25, the company achieved revenue of 6.407 billion yuan, representing an 80.3% year-on-year growth and a 292.9% quarter-on-quarter increase; net profit was 401 million yuan, up 139.2% year-on-year, marking a turnaround from a loss [1] Business Segments - The company's wind turbine gross margin was under pressure, with a gross margin of 4.65%, the lowest in recent years, primarily due to the impact of low-priced orders from previous periods [1] - The company sold over 300,000 kW of power stations, generating 1.83 billion yuan in revenue from this segment, with a gross margin of 28.8%, indicating a smooth sales rhythm for power station products [1] Development Trends - As of the end of 1H25, the company had a backlog of 28 GW in orders, with over 2 GW of new overseas orders since the beginning of 2025, and overseas order value exceeding 10 billion yuan [2] - The company is expected to see significant growth in wind turbine shipments in 2025, with overall shipment levels projected to remain stable in 2026; wind turbine profitability is anticipated to improve as the impact of low-priced orders diminishes [2] - The power station business is experiencing rapid growth, with 0.46 GW of new connected power stations added in 1H25 and 2.9 GW under construction, alongside plans for greenfield projects overseas [2] Profit Forecast and Valuation - Due to lower-than-expected profit margins in the wind turbine manufacturing business, the company has revised its profit forecasts for 2025 and 2026 down by 35.1% and 12.4% to 1.51 billion yuan and 2.40 billion yuan, respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 23.1 and 14.5 for 2025 and 2026, respectively; the company maintains a target price of 33.92 yuan, indicating a potential upside of 19.3% from the current price [3]

证券研究报告 三一重能 (688349 CH) "双海"突破+价格回暖，弹性可期 2025 年 8 月 29 日│中国内地 电源设备 公司发布半年报，2025 年 H1 实现营收 85.94 亿元，同比+62.75%，归母 净利 2.10 亿元，同比-51.54%。其中 Q2 实现营收 64.07 亿元，同比+80.35%， 环比+192.93%，归母净利 4.01 亿元，同比+139.20%，环比+309.85%。公 司 2Q 业绩同环比显著提升，主要系高毛利的电站产品销售放量，叠加风机 产品减亏综合作用所致。向后展望，我们认为公司看点主要为：1）国内风 机主业盈利向上拐点明确，受益于行业反内卷及业主招标策略调整风机招标 价格已经体现回暖，低价订单交付后风机利润空间有望提升；2）"双海" 战略成效显著，新成长曲线逐步兑现；3）风电场业务通过滚动开发模式稳 步推进，体现优质资产优势。维持"买入"评级。 风机出货+订单均创新高，高毛利电站产品业务稳固基本盘 风机方面，公司 1H25 对外销售容量 4.72GW，同比+44%，创历史同期新 高；订单亦取得突破，1H25 公司在手订单超过 28GW。受益于行业反内卷 ...

业绩简评 2025 年 8 月 27 日公司披露 25 年半年报，上半年公司实现营收 171.4 亿元，同比增长 45.3%；实现归母净利润 6.1 亿元，同比下 降 7.7%；其中，公司 Q2 实现营收 94.4 亿元，同比增长 40.4%， 环比增长 22.5%，实现归母净利润 3.1 亿元，同比下降 13.6%，环 比增长 1.9%。 经营分析 收入规模大幅增长，制造盈利预计小幅修复：上半年公司实现产 品销售收入 158 亿元，同比增长 51.2，毛利率约为 10.1%，同比 改善 0.20pct；其中风机及配件销售业务实现收入 124.8 亿元，同 比增长 57.5%，占比 79%，同比提升 3pct；电站产品销售业务收入 31.4 亿元，同比增长 48.6%，占比 20%，同比持平。考虑到上半年 产品销售收入中风机制造业务占比略有提升，以及在"136"号文 落地背景下电站产品销售毛利率大概率下降，我们预计风机及配 件销售业务毛利率存在小幅改善。展望后续，在风机价格企稳回升 的背景下，看好公司制造端毛利率持续回暖。 "两海"战略稳步推进，有望逐步贡献业绩弹性：海风方面，上半 年公司成功实现全球单体容量 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance met expectations, with an improvement in wind turbine gross margin [1] - Revenue for 2024 is projected at 27.16 billion yuan, a year-on-year decrease of 3.43%, while net profit is expected to be 346.11 million yuan, down 8.12% year-on-year [7] - The company achieved a record new wind turbine order of 27.1 GW, indicating strong market demand despite a decrease in sales revenue for wind turbines and related components [7] - The report anticipates significant growth in net profit for 2025 and 2026, with projections of 2.37 billion yuan and 2.87 billion yuan respectively, reflecting a year-on-year increase of 584.72% and 21.24% [7] Financial Summary - Total revenue for 2023 was 28.12 billion yuan, with a projected increase to 38.50 billion yuan by 2025, representing a growth rate of 41.75% [1][8] - The gross margin for 2024 is expected to be 8.1%, improving to 12.3% by 2025 [8] - The company's earnings per share (EPS) is projected to rise from 0.15 yuan in 2024 to 1.04 yuan in 2025 [1][8] - The price-to-earnings (P/E) ratio is expected to decrease significantly from 68.19 in 2024 to 9.96 in 2025, indicating improved valuation [1][8]