Group 1: Business Operations - The company's main business operations include engineering construction and clean energy generation, with a strong focus on equipment manufacturing [2] - As of September 30, 2025, the total remaining contract amount for signed but uncompleted construction projects is approximately CNY 185.1 billion, and the amount for projects that have been bid but not yet signed is about CNY 26 billion [2] - The gross profit margins for construction projects in the first half of the year are as follows: residential construction at 6.84%, hydropower at 7.30%, municipal engineering at 6.47%, and an overall construction gross profit margin of 7.27% [2] Group 2: Market Opportunities - The company aims to leverage its superior qualifications in four categories and five types of engineering construction to capture opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on infrastructure projects in transportation, water conservancy, and municipal sectors [3] - The company has not yet engaged in overseas clean energy investment projects [3] Group 3: Financial Performance - The net cash flow from operating activities for the first three quarters has significantly decreased, primarily due to local government debt resolution policies and the annual budget arrangement for fiscal funds, with a concentration of payments expected by the end of 2024 [3] Group 4: Clean Energy Projects - As of September 30, the total installed capacity of clean energy projects that have been put into operation is 4.8614 million kilowatts, including hydropower (380,500 kW), wind power (772,400 kW), photovoltaic power (3,608,500 kW), and energy storage (100,000 kW) [3] - The main regions for the company's clean energy projects include Xinjiang, Gansu, Guangdong, Hunan, and Shandong [3] Group 5: Equipment Manufacturing - The company's equipment manufacturing includes clean energy equipment such as wind turbine towers, photovoltaic brackets, and construction machinery, with an annual design capacity of approximately 300,000 tons [3] Group 6: Accounts Receivable Management - The company emphasizes accounts receivable management by actively pursuing collections on construction projects, ensuring timely cash flow recovery [3]

Core Insights - The global offshore wind foundation market is experiencing robust growth, with a projected market size of 31.9 billion yuan in 2024 and an expected increase to 42.4 billion yuan in 2025 [1][8] - The monopile foundation segment dominates the market, accounting for 81.19% of the total market size in 2024 and is expected to decrease to 71.70% by 2025 [1][8] - China's offshore wind power industry is poised for explosive growth, with an anticipated new installed capacity of 5.62 GW in 2024 and 7.7 GW in 2025 [6][9] Offshore Wind Foundation Industry Definition and Classification - Offshore wind foundations are critical structures that support wind turbines and connect to the tower, categorized into monopile, jacket, suction bucket, and floating foundations [2][4] - Monopile foundations are the most widely used and hold a significant market share in the offshore wind sector [10] Industry Development Environment - Subsidy Policies - China's offshore wind power has entered a crucial development phase, with various provinces setting ambitious installation targets for the 14th Five-Year Plan, totaling 57.99 GW [4][6] Current Industry Status - The global offshore wind foundation market is driven by energy transition and carbon neutrality goals, with a new installed capacity of 8 GW in 2024 and an expected 16.3 GW in 2025 [6][8] - In China, the offshore wind foundation market is projected to reach 8.9 billion yuan in 2024 and 11.8 billion yuan in 2025 [9][10] Industry Value Chain - The upstream of the offshore wind foundation industry includes raw materials like steel, flanges, and cables, while the midstream focuses on design, manufacturing, and installation [10] - The downstream involves operation and maintenance services for offshore wind farms, catering to developers and operators [10] Competitive Landscape - Major companies in the offshore wind foundation sector include Jiangsu Haili Wind Power Equipment Technology Co., Ltd., Dajin Heavy Industry Co., Ltd., and Tiensun Wind Power [10][11] - Haili Wind Power is a leading player in the domestic market, focusing on monopile and tower production [11][12] - Dajin Heavy Industry has a significant market presence in Europe, with a market share increase from 18.5% in 2024 to 29.1% in the first half of 2025 [12] Industry Development Trends - The offshore wind foundation maintenance is transitioning from experience-driven to data-driven and intelligent approaches, enhancing operational efficiency and safety [14] - Future developments will focus on smart, unmanned, and sustainable solutions as nearshore resources become saturated [14]

Core Insights - The wind power industry chain is experiencing significant performance recovery in the first three quarters of 2025, with steady growth in revenue and net profit attributable to shareholders [2][8] - The overall revenue for the wind power industry chain reached 289.51 billion yuan, a year-on-year increase of 26.42%, while net profit attributable to shareholders was 14.78 billion yuan, up 21.90% year-on-year [2] Revenue and Profit Performance - In Q3 2025, the total revenue for the industry chain was approximately 110.11 billion yuan, reflecting a year-on-year growth of 21.92% and a quarter-on-quarter increase of 1.04% [2] - The gross profit margin for Q3 2025 was 13.96%, a decrease of 0.95 percentage points year-on-year and 0.74 percentage points quarter-on-quarter [2] Segment Analysis - **Turbine Segment**: Revenue reached 1116.50 billion yuan, a year-on-year increase of 35.81%, but net profit decreased by 2.73% to 2.99 billion yuan [3] - **Tower Segment**: Revenue was 182.04 billion yuan, up 55.53% year-on-year, with net profit soaring 96.73% to 1.60 billion yuan [4] - **Submarine Cable Segment**: Revenue grew to 102.27 billion yuan, a 13.69% increase, while net profit slightly declined by 0.61% to 6.10 billion yuan [5] - **Bearing Segment**: Revenue for Q3 2025 was 2.43 billion yuan, a 32.01% increase, with net profit rising significantly by 175.37% to 0.29 billion yuan [6] - **Forging Segment**: Revenue reached 10.75 billion yuan, a 44.14% increase, with net profit growing by 34.45% to 0.99 billion yuan [6] - **Blade Segment**: Revenue was 14.27 billion yuan, a 30.36% increase, with net profit increasing by 143.59% to 0.65 billion yuan [7] Investment Recommendations - The industry is expected to benefit from increased demand for offshore wind projects, which will drive growth in the core segments of turbines, towers, and submarine cables [8] - The overall profitability of the wind power industry chain is anticipated to improve, presenting investment opportunities in leading companies as their performance recovers and valuations rise [8]

Core Viewpoint - Jiangsu Haili Wind Power Equipment Technology Co., Ltd. has shown significant growth in revenue and net profit for the first nine months of 2025, indicating strong operational performance in the wind power sector [2] Financing Summary - On November 6, Haili Wind Power experienced a decline of 0.87% with a trading volume of 295 million yuan. The financing buy amount was 22.81 million yuan, while the financing repayment was 33.85 million yuan, resulting in a net financing outflow of 11.04 million yuan [1] - As of November 6, the total financing and securities balance for Haili Wind Power was 201 million yuan, with the current financing balance at 198 million yuan, representing 1.07% of the circulating market value, which is below the 30th percentile level over the past year [1] - In terms of securities lending, on November 6, Haili Wind Power repaid 2,300 shares and sold 1,100 shares, with a selling amount of 93,500 yuan. The remaining securities lending volume was 24,600 shares, with a balance of 2.09 million yuan, exceeding the 90th percentile level over the past year [1] Business Overview - Haili Wind Power, established on August 18, 2009, and listed on November 24, 2021, focuses on the research, production, and sales of wind power equipment components, among other machinery [2] - The main revenue composition includes: 77.04% from foundations, 14.38% from wind power towers, 6.72% from conductors, and 1.85% from other sources [2] - As of October 31, the number of shareholders increased by 18.20% to 18,000, while the average circulating shares per person decreased by 15.40% to 6,861 shares [2] Financial Performance - For the period from January to September 2025, Haili Wind Power achieved a revenue of 3.671 billion yuan, representing a year-on-year growth of 246.01%. The net profit attributable to shareholders was 347 million yuan, with a year-on-year increase of 299.36% [2] Dividend Information - Since its A-share listing, Haili Wind Power has distributed a total of 237 million yuan in dividends, with 41.30 million yuan distributed over the past three years [3] Shareholding Structure - As of September 30, 2025, the top ten circulating shareholders included new entrants such as GF Advanced Manufacturing Stock A and Xingquan Helun Mixed A, holding 1.899 million shares and 1.5662 million shares, respectively [3] - Hong Kong Central Clearing Limited, ranked ninth among circulating shareholders, reduced its holdings by 559,900 shares [3] - BlackRock China New Horizons Mixed A exited the top ten circulating shareholders list [3]

Core Insights - The stock price of Haili Wind Power dropped by 2.02% on November 6, trading at 84.03 CNY per share with a market capitalization of 18.267 billion CNY [1] - The company has seen a year-to-date stock price increase of 57.89%, but has experienced a decline of 4.02% over the last five trading days and 15.97% over the last twenty days [1] Financial Performance - For the period from January to September 2025, Haili Wind Power reported a revenue of 3.671 billion CNY, representing a year-on-year growth of 246.01%, and a net profit attributable to shareholders of 347 million CNY, up 299.36% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 237 million CNY, with 41.304 million CNY distributed over the past three years [3] Shareholder Information - As of October 31, 2025, the number of shareholders increased by 18.20% to 18,000, while the average number of circulating shares per person decreased by 15.40% to 6,861 shares [2] - Notable changes in institutional holdings include new entries from Guangfa High-end Manufacturing Stock A and Xingquan Helun Mixed A, while BlackRock China New Horizons Mixed A has exited the top ten circulating shareholders [3] Business Overview - Haili Wind Power, established on August 18, 2009, and listed on November 24, 2021, specializes in the research, production, and sales of wind power equipment components, with a revenue composition of 77.04% from foundations, 14.38% from wind turbine towers, and 6.72% from other structures [1]

Core Viewpoint - HaiLi Wind Power's stock price has shown significant volatility, with a year-to-date increase of 56.05% but a recent decline over the past five and twenty trading days [1][2]. Company Overview - Jiangsu HaiLi Wind Power Equipment Technology Co., Ltd. was established on August 18, 2009, and listed on November 24, 2021. The company is located in the Jiangsu Province and specializes in the research, production, and sales of wind power equipment components, among other machinery [1]. - The main revenue sources for the company are: foundation piles (77.04%), wind power towers (14.38%), guide frames (6.72%), and other (1.85%) [1]. Financial Performance - For the period from January to September 2025, HaiLi Wind Power achieved a revenue of 3.671 billion yuan, representing a year-on-year growth of 246.01%. The net profit attributable to shareholders was 347 million yuan, marking a 299.36% increase [2]. - Since its A-share listing, the company has distributed a total of 237 million yuan in dividends, with 41.304 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for HaiLi Wind Power was 15,200, a decrease of 3.63% from the previous period. The average number of circulating shares per person increased by 3.69% to 8,109 shares [2]. - Notable institutional shareholders include Guangfa High-end Manufacturing Stock A and Xingquan Helun Mixed A, both of which are new entrants among the top ten circulating shareholders [3].

Core Viewpoint - HaiLi Wind Power's stock price has shown significant growth this year, with a year-to-date increase of 63.81% and a market capitalization of 18.95 billion yuan as of November 3 [1][2]. Company Overview - Jiangsu HaiLi Wind Power Equipment Technology Co., Ltd. was established on August 18, 2009, and listed on November 24, 2021. The company specializes in the research, production, and sales of wind power equipment components, agricultural machinery, port machinery, and environmental protection machinery [1]. - The main revenue sources for the company are: foundation piles (77.04%), wind power towers (14.38%), guide frames (6.72%), and others (1.85%) [1]. Financial Performance - For the period from January to September 2025, HaiLi Wind Power achieved operating revenue of 3.671 billion yuan, representing a year-on-year growth of 246.01%. The net profit attributable to the parent company was 347 million yuan, with a year-on-year increase of 299.36% [2]. - Since its A-share listing, the company has distributed a total of 237 million yuan in dividends, with 41.304 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for HaiLi Wind Power was 15,200, a decrease of 3.63% from the previous period. The average number of circulating shares per shareholder increased by 3.69% to 8,109 shares [2]. - Notable institutional shareholders include Guangfa High-end Manufacturing Stock A and Xingquan Helun Mixed A, both of which are new entrants among the top ten circulating shareholders [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 50.30 and a sector rating of "Outperform" [2][4]. Core Insights - The company has shown significant growth in revenue and net profit, with a 99.25% year-on-year increase in revenue to RMB 45.95 billion and a 214.63% increase in net profit to RMB 8.87 billion for the first three quarters of 2025 [4][9]. - The company is a leading manufacturer of wind power towers globally and is expected to benefit from the increasing demand for offshore wind installations, particularly in Europe [4][9]. - The company's strategy focuses on reducing domestic business with lower profitability and higher payment risks, leading to a substantial increase in export revenue, which accounted for nearly 80% of total wind power product revenue in 2025 [9][10]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of RMB 45.95 billion, with a gross margin of 31.12% and a net margin of 19.31%, reflecting improvements of 3.93 percentage points and 7.08 percentage points year-on-year, respectively [10][11]. - The company expects to achieve revenues of RMB 60.82 billion, RMB 81.06 billion, and RMB 101.64 billion for the years 2025, 2026, and 2027, respectively, with corresponding net profits of RMB 10.49 billion, RMB 15.50 billion, and RMB 20.23 billion [6][8]. - The earnings per share (EPS) are projected to be RMB 1.65, RMB 2.43, and RMB 3.17 for 2025, 2026, and 2027, respectively, with a current price-to-earnings (PE) ratio of 30.6 for 2025 [6][8]. Market Position and Strategy - The company has established a strong presence in the European offshore wind market, with a market share of 29.1% and over 200 units supplied to the region [9]. - The company is also expanding its shipbuilding business, having designed and launched specialized vessels for offshore wind equipment transport, with contracts already signed for future deliveries [9][10].

Core Insights - The wind power sector in A-shares is experiencing a significant recovery, with major companies like Goldwind Technology, Xinqianglian, and China National Materials Technology reporting substantial revenue and profit growth, marking a transition from losses to profits driven by policy support and market demand [1][2][5] Industry Performance - The recovery trend in the wind power industry is evident across the entire supply chain, with leading companies reporting net profit growth exceeding 200% and improved gross margins compared to the previous year [2][5] - Goldwind Technology reported a revenue of 48.147 billion yuan, a year-on-year increase of 34.34%, and a net profit of 2.584 billion yuan, up 44.21% [2] - Xinqianglian achieved a revenue of 3.618 billion yuan, a growth of 84.10%, and a net profit of 664 million yuan, reversing a loss from the previous year [4] - Haile Wind Power reported a revenue of 3.671 billion yuan, a 246.01% increase, and a net profit of 347 million yuan, marking a significant turnaround [4] - China National Materials Technology recorded a revenue of 21.701 billion yuan, a 29.09% increase, and a net profit of 1.480 billion yuan, up 143.24% [5] Policy and Market Dynamics - The strong performance in Q3 is attributed to a combination of policy benefits and the steady advancement of major projects, with the government implementing measures to curb unhealthy competition in the industry [6][7] - The "anti-involution" policies introduced by the government aim to stabilize market prices and promote fair competition, leading to a recovery in bidding prices for wind power projects [6][7] - Major projects like the Kubuqi Desert Wind Power Base, with an investment of 98.8 billion yuan and a planned capacity of 4 million kilowatts, are set to drive demand in the sector [7] Future Growth Prospects - The "Wind Energy Beijing Declaration 2.0" anticipates that China's annual new installed capacity for wind power will not be less than 120 GW during the 14th Five-Year Plan period, doubling the previous average [9] - The offshore wind power sector is expected to see significant growth, with policies supporting its development and a projected increase in global offshore wind capacity from 15.5 GW to 38.5 GW by 2030 [10][12] - Domestic companies are accelerating their global expansion, with firms like Envision Energy and Mingyang Smart Energy securing international contracts and establishing manufacturing bases abroad [14][15] Technological Innovations - The integration of AI and energy solutions is becoming a focal point for innovation in the wind power industry, with companies exploring new business models and technologies [15] - The emphasis on green hydrogen and ammonia, along with zero-carbon initiatives, is expected to shape the future landscape of the industry [15]

Core Viewpoint - The company, Haili Wind Power, reported significant growth in revenue and net profit for the first three quarters of 2025, driven by increased sales in the offshore wind power sector [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, Haili Wind Power achieved revenue of 3.671 billion yuan, a year-on-year increase of 246.01%, and a net profit of 347 million yuan, up 299.36% [1]. - In the third quarter alone, the company reported revenue of 1.641 billion yuan, reflecting a year-on-year growth of 134.73%, and a net profit of 141 million yuan, which surged by 779.32% [1]. - The revenue breakdown for 2024 indicates that the foundation pile business accounted for 63.08% of total revenue, while wind turbine towers and guide frames contributed 23.63% and 10.15%, respectively [1]. Group 2: Industry Context - The offshore wind power sector has seen a resurgence in project initiation, with domestic offshore wind power capacity additions reaching 2.49 GW in the first half of 2025, a 200% increase year-on-year [2]. - Revenue from Haili Wind Power's foundation piles, wind turbine towers, and guide frames for the same period was 1.564 billion yuan, 292 million yuan, and 136 million yuan, marking increases of 1092.63%, 124.14%, and 84.94%, respectively [2]. - The company has multiple production bases and is expanding with new facilities planned in Jiangsu, Zhejiang, and Guangdong [2]. Group 3: Market Outlook - The wind power industry is expected to continue improving, with domestic onshore wind power installations projected to grow, and offshore projects likely to resume construction as regulatory constraints ease [3]. - A recent declaration from over 1,000 wind energy companies emphasizes the need for China to achieve an annual new installed capacity of no less than 15 million kilowatts for offshore wind power during the 14th Five-Year Plan [3]. - Despite a recent decline in the A-share wind power equipment sector, Haili Wind Power's market capitalization stands at 18.8 billion yuan, with its stock price closing at 87.3 yuan per share, down 7.88% [3].