Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has experienced a significant increase in profit, with a 214% year-on-year growth in net profit for the first half of 2025, reaching 547 million yuan [9] - The company is benefiting from a booming offshore engineering export market, with a doubling of export volumes and a high overseas revenue contribution of 79% [2][22] - The company is well-positioned to capitalize on the upcoming European offshore wind auction, which is expected to reach unprecedented scales in 2024 and 2025 [3][25] - The company has a robust order book, with over 100 billion yuan in offshore engineering orders, ensuring strong revenue visibility for the next two years [23] Financial Performance - In the first half of 2025, the company achieved revenue of 2.841 billion yuan, a year-on-year increase of 109.48%, and a net profit of 547 million yuan, up 214.32% [9] - The second quarter of 2025 saw revenue of 1.7 billion yuan, a 90.36% increase year-on-year, and a net profit of 316 million yuan, reflecting a 161.04% year-on-year growth [22] - The company's gross margin for the first half of 2025 was 28.17%, with a net margin of 19.24% [9] Business Segments - The wind power equipment segment generated revenue of 2.686 billion yuan in the first half of 2025, up 119.52% year-on-year, with a gross margin of 25.53% [22] - The company has signed contracts for heavy deck transport vessels, expanding its business into new areas such as special transportation and offshore wind farm operations [25] Future Outlook - The company has revised its profit forecasts upward, expecting net profits of 1.005 billion yuan, 1.408 billion yuan, and 1.841 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 112%, 40%, and 31% [26] - The dynamic PE ratios for the upcoming years are projected to be 21.6, 15.4, and 11.8 [26]

m 2025 年 8 月 27 日 | 沈嘉婕 | | | --- | --- | | H70455@capital.com.tw | | | 目标价(元) | RMB 41 | 公司基本资讯 | 产业别 | | 机械设备 | | --- | --- | --- | | A 股价(2025/8/26) | | 33.97 | | 深证成指(2025/8/26) | | 12473.17 | | 股价 12 个月高/低 | | 34.95/17.21 | | 总发行股数(百万) | | 637.75 | | A 股数(百万) | | 630.92 | | A 市值(亿元) | | 214.32 | | 主要股东 | | 阜新金胤能源 | | | | 咨询有限公司 | | | | (38.93%) | | 每股净值(元) | | 12.18 | | 股价/账面净值 | | 2.79 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 7.0 | 22.0 80.8 | | 近期评等 | | | | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-7-9 | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][7]. Core Insights - The company is expected to achieve a net profit of RMB 5.1-5.7 billion for the first half of the year, representing a year-over-year increase of 193%-228%, which exceeds expectations [7][8]. - The growth in net profit is primarily driven by a significant increase in overseas project deliveries, with expectations for over 200,000 tons of overseas deliveries this year [8][10]. - The report anticipates a robust growth trajectory for the company, with projected net profits of RMB 10.7 billion, RMB 13.6 billion, and RMB 17.1 billion for 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 125%, 28%, and 26% [8][10]. Company Overview - The company operates in the machinery equipment industry, with a focus on wind power equipment, which constitutes 93% of its product mix [3][4]. - As of July 8, 2025, the company's stock price was RMB 33.91, with a market capitalization of RMB 213.95 billion [3]. Financial Performance - The company reported a significant increase in earnings per share (EPS), with estimates of RMB 0.8-0.89 for the first half of the year and RMB 1.68, RMB 2.14, and RMB 2.68 for 2025, 2026, and 2027 respectively [7][12]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 20, 16, and 13 times, respectively, based on current stock prices [10]. Market Dynamics - The European offshore wind construction market is accelerating, with the UK and Germany announcing measures to support wind power projects, which is expected to benefit the company significantly [8][10]. - The company has established strong relationships with leading clients in Europe and is positioned to expand its market share in the region due to a supply-demand imbalance in the local supply chain [10].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has exceeded performance expectations with significant growth in offshore wind product profitability, driven by an increase in export orders and a strategic shift towards international markets [1][2][3] - The company is positioned as a leader in the offshore wind tower and pile market, with forecasts indicating substantial profit growth in the coming years [4] Financial Performance Summary - For the year 2024, the company reported revenue of 3.78 billion, a decrease of 12.6% year-on-year, while net profit attributable to shareholders was 474 million, an increase of 11.5% year-on-year [1] - In Q1 2025, the company achieved revenue of 1.141 billion, a remarkable increase of 146.36% year-on-year, and net profit attributable to shareholders reached 231 million, up 335.91% year-on-year [1] - The gross margin for 2024 was 29.83%, an increase of 6.4 percentage points year-on-year, while the net margin was 12.54%, up 2.7 percentage points year-on-year [1] Export and Market Strategy - The company has seen a significant increase in the proportion of revenue from export marine engineering products, with a gross margin of 38.5% for the year, reflecting a strategic pivot away from less profitable domestic operations [2] - The establishment of three major export marine engineering bases has been completed, targeting the global marine engineering market [2] New Energy Sector Growth - The new energy generation business reported revenue of 220 million, a growth of 64.0% year-on-year, with a gross margin of 78.5%, primarily driven by the profitability of a 250MW wind power project [3] - The company has plans for further development in the new energy sector, including a 1GW wind power project in Hebei [3] Future Profitability Forecast - The company is projected to achieve net profits of 898 million, 1.181 billion, and 1.514 billion for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.5, 14.8, and 11.6 [4][5]