Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 2.31 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 99.3%, with a net profit attributable to shareholders of 888 million yuan, up 214% year-on-year [2]. - In Q3 alone, the company achieved a revenue of 1.75 billion yuan, a year-on-year increase of 84.6% and a quarter-on-quarter increase of 3.2%, with a net profit of 341 million yuan, reflecting a year-on-year growth of 215.1% and a quarter-on-quarter growth of 8.0% [2]. - The company has seen a significant increase in its market share in the European offshore wind market, with a sales ranking of first and a market share of approximately 29.1% in the first half of 2025, up from 18.5% in 2024 [3]. - The successful launch of the company's first self-built large deck transport vessel, KING ONE, is expected to contribute additional profits starting in 2026 [3]. Summary by Sections Performance Review - The company’s revenue for the first three quarters of 2025 reached 2.31 billion yuan, with a net profit of 888 million yuan, marking substantial growth compared to the previous year [2]. - Q3 revenue was 1.75 billion yuan, with a net profit of 341 million yuan, both showing impressive year-on-year increases [2]. Operational Analysis - The company has increased its overseas deliveries, leading to record high quarterly revenue and net profit since its listing [2]. - The gross margin for Q3 was approximately 35.9%, reflecting a significant improvement due to optimized delivery structures and the use of advanced manufacturing techniques [2]. Market Position and Future Outlook - The company is well-positioned in the European offshore wind market, with expectations for continued order growth, supported by several upcoming projects requiring foundation suppliers [3]. - The introduction of the KING ONE vessel is anticipated to enhance service capabilities and profitability from 2026 onwards [3]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been slightly adjusted upwards to 1.21 billion, 1.60 billion, and 2.59 billion yuan respectively, with corresponding PE ratios of 28, 21, and 13 times [4].

Core Insights - The company reported significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 4.595 billion yuan, a year-on-year increase of 99.25%, and net profit at 888 million yuan, up 214.63% [1][2] - The company is a leading global supplier of offshore wind power equipment, focusing on high-tech standards and high-quality requirements in the offshore wind market, and is transitioning from a product supplier to a system service provider [1][2] Financial Performance - For the first three quarters of 2025, the company achieved a net profit of 888 million yuan, a year-on-year increase of 214.63%, and a net operating cash flow of 1.509 billion yuan, up 173.60% [2] - In Q3 2025, the company reported a net profit of 341 million yuan, a year-on-year increase of 215.12%, and a quarter-on-quarter increase of 7.98%, continuing to set historical highs [2] - The company's net profit margin and gross profit margin reached 19.42% and 35.91%, respectively, indicating strong performance in the offshore engineering business [2] Market Position - The company is the number one supplier of offshore wind power foundation equipment in the European market, with its market share increasing from 18.5% in 2024 to 29.1% in the first half of 2025 [2] Product Development - The company has designed and launched three specialized ship types for offshore wind equipment transportation, with the first self-built ultra-large deck transport ship, KING ONE, successfully launched [3] - KING ONE is designed for transporting offshore wind and oil and gas equipment, measuring 240 meters in length and capable of carrying up to 40,000 tons [3] Production Efficiency - The company achieved significant milestones in shipbuilding, with three major projects progressing simultaneously, setting a new record for the shipyard [4] - Continuous optimization of production processes and construction techniques has laid a solid foundation for further scaling and high-quality delivery [4] International Collaboration - The company’s subsidiary signed its first external market shipbuilding contract with a South Korean shipping company to design and build a heavy-duty wind power deck transport ship, valued at approximately 300 million yuan [5] - The ship will meet the latest international standards for energy efficiency and environmental emissions, complying with the IMO Tier III emission standards [5]