Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that the recovery of equipment gross margins has exceeded expectations, and the overall performance of the complete machine is expected to continue improving [5][7] - The company has shown significant revenue growth in wind power equipment, with a notable improvement in gross margins [7] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 28.54 billion RMB, representing a year-on-year increase of 41.3%, and a net profit attributable to shareholders of 1.49 billion RMB, up 7.3% year-on-year [7] - Wind power equipment revenue grew by 71.2% year-on-year, with total delivery capacity reaching 10.64 GW, a 106.6% increase [7] - The gross margin for the wind power equipment segment reached 7.97%, a significant increase of 4.22 percentage points compared to the same period last year [7] - As of June 30, the company had external orders totaling 51.8 GW, including 7.4 GW from overseas [7] Earnings Forecast and Valuation - The company’s revenue forecast for 2025-2027 has been revised upwards to 26.6 billion RMB, 38.5 billion RMB, and 44.7 billion RMB respectively, with year-on-year growth rates of 43%, 45%, and 16% [7][8] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 13, 9, and 8 for the years 2025, 2026, and 2027 respectively [7]