Summary of Haile Wind Power Conference Call Company Overview - Haile Wind Power primarily manufactures wind power support structures, including onshore and offshore wind turbine towers and their foundations. The company holds a leading position in the domestic offshore wind power support structure sector and maintains a focused business model [2][3]. Financial Performance and Projections - The company expects a shipment volume of 600,000 to 700,000 tons in 2025, corresponding to a profit of approximately 600 million yuan. For 2026, the anticipated shipment volume is 700,000 to 800,000 tons, with a profit forecast of 1 billion yuan. The current market capitalization is around 18 to 19 billion yuan, reflecting a valuation of less than 20 times earnings, indicating significant growth potential [1][2][7]. - Haile Wind Power was established in 2009 and went public in 2021, achieving a profit of about 1.1 billion yuan during the domestic offshore wind power installation rush. However, profits have been under pressure since then, with a breakeven point expected in 2024. The company has reported a profit of 300 to 400 million yuan in the first three quarters of 2025, marking a turning point in performance due to successful project launches in Jiangsu [1][3][4]. Industry Dynamics - As of now, China has installed approximately 40 GW of offshore wind power, with the installation rush in 2021 contributing 17 GW. The annual installation capacity is expected to remain between 5 to 6 GW from 2022 to 2024. Long-term advantages of offshore wind power are evident, as it does not occupy land and is located near high electricity demand provinces along the eastern coast. The trend towards larger installations and cost reductions in the supply chain is leading to grid parity across various provinces [5]. - There is a project reserve of over 150 GW in offshore wind power, indicating clear expectations for future installation growth and high growth potential. New management regulations for deep-sea areas are expected to be introduced soon, accelerating industry development, with regions like Zhejiang and Shandong already initiating bidding processes [5]. Competitive Advantages and Strategic Initiatives - Haile Wind Power has established production bases in coastal provinces such as Jiangsu, Shandong, Guangdong, and Zhejiang, which are significant offshore wind resource areas. The company's localized layout is strategically advantageous, utilizing port resources for direct storage and transportation after production, enhancing its competitive edge [6]. - The company is also extending its operations upstream and downstream, including the development of certain power station resources and collaborating with Zhongtian Technology to enter the offshore construction vessel sector. Additionally, Haile Wind Power is actively expanding into overseas markets, with expectations of breaking through in overseas orders by the end of this year or early next year [6]. Conclusion - The financial outlook for Haile Wind Power is promising, with expected profits of 600 million yuan in 2025 and 1 billion yuan in 2026. Given the current valuation of less than 20 times earnings, the company has substantial growth potential. Continuous monitoring of the company's long-term development prospects and progress in overseas market expansion is recommended [7].