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]

Investment Rating - The industry is rated as "Outperforming the Market," indicating an expected increase in the industry index relative to the broader market by over 10% in the next six months [49]. Core Insights - In the first half of 2025, the wind power industry chain experienced a recovery in performance, with total revenue reaching 179.40 billion yuan, a year-on-year increase of 29.35%, and net profit attributable to shareholders of 9.82 billion yuan, up 16.19% year-on-year [1][12]. - The second quarter of 2025 saw continued recovery in performance, with total revenue of approximately 108.97 billion yuan, a year-on-year increase of 32.66% and a quarter-on-quarter increase of 54.73% [1][12]. - The overall industry maintained high installation levels, with accelerated offshore project deliveries significantly improving the performance of the industry chain [1][12]. Summary by Sections Overall Industry Performance - The wind power industry chain's revenue for H1 2025 was 1794.02 billion yuan, with a year-on-year growth of 29.35%, and net profit of 98.24 billion yuan, up 16.19% [1][12]. - Q2 2025 revenue was approximately 1089.73 billion yuan, showing a year-on-year increase of 32.66% and a quarter-on-quarter increase of 54.73% [1][12]. Turbine Segment - The turbine segment saw revenue of 678.32 billion yuan in H1 2025, a year-on-year increase of 43.94%, while net profit was 21.72 billion yuan, a slight decrease of 3.10% year-on-year [2][20]. - In Q2 2025, revenue reached 436.88 billion yuan, with a year-on-year growth of 50.02% and a quarter-on-quarter growth of 80.95% [2][20]. Tower Segment - The tower segment's revenue for H1 2025 was 108.17 billion yuan, up 59.13% year-on-year, with net profit of 9.94 billion yuan, an increase of 43.60% [3][27]. - Q2 2025 revenue was 69.54 billion yuan, reflecting a year-on-year increase of 74.76% and a quarter-on-quarter increase of 80.03% [3][27]. Submarine Cable Segment - The submarine cable segment reported revenue of 646.70 billion yuan in H1 2025, a year-on-year increase of 14.60%, but net profit decreased by 3.74% to 39.42 billion yuan [4][34]. - In Q2 2025, revenue was 376.68 billion yuan, with a year-on-year growth of 13.09% and a quarter-on-quarter increase of 39.50% [4][34]. Other Segments - The bearing segment's revenue in H1 2025 was 40.44 billion yuan, up 34.15%, with net profit soaring by 1729.27% to 4.15 billion yuan [9][39]. - The forging segment achieved revenue of 70.43 billion yuan, a year-on-year increase of 60.72%, with net profit of 6.56 billion yuan, up 21.89% [40][40]. - The blade segment's revenue in Q2 2025 was 132.55 billion yuan, a year-on-year increase of 22.76%, with net profit of 8.58 billion yuan, up 131.33% [45][45].