Investment Rating - The report maintains a "Recommended" rating for the company, considering the favorable demand in the wind power industry and the company's potential to expand its market share through its "Double Sea" strategy and capacity expansion [3]. Core Viewpoints - The company reported a revenue of 2.299 billion yuan for the first half of 2025, representing a year-on-year growth of 38.83%. However, the net profit attributable to the parent company decreased by 8.08% to 119 million yuan, primarily due to rising raw material costs and changes in the customer structure of overseas business [1][2]. - The company has a robust order backlog totaling 5.475 billion yuan, with significant contributions from both onshore and offshore wind power equipment orders [1][2]. - The onshore wind power segment showed a positive trend, with revenues of 1.882 billion yuan in H1 2025, up 25.61% year-on-year, while the offshore wind power segment saw a remarkable growth of 226.21%, achieving revenues of 363 million yuan [2]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are estimated at 5.718 billion yuan, 6.493 billion yuan, and 6.784 billion yuan, respectively, with growth rates of 18%, 14%, and 5% [3][4]. - The net profit attributable to the parent company is forecasted to be 296 million yuan in 2025, 418 million yuan in 2026, and 469 million yuan in 2027, with growth rates of 62.8%, 41.1%, and 12.2% [3][4]. - The report indicates that the company is on track to meet its production targets for both steel towers and concrete towers by 2025, having completed approximately 46% and 42% of its respective targets as of H1 2025 [2].