业绩简评 26 年行业需求上修，看好公司明年盈利提升趋势延续：北京风能展行业发布《风能背景宣言2.0》，提 出"十五五"期间国内风电年新增装机规模不低于120GW，高于此前行业普遍预期，叠加下游整机企业 24-25 年中标的大量海外订单逐步进入交付周期，预计26 年行业需求仍将保持一定增速。行业需求延续 增长背景下，公司铸件产能26 年产能利用率有望进一步提升，看好公司26 年盈利改善趋势延续。 盈利预测、估值与评级 根据公司三季报及我们对行业最新判断，预测公司2025-2027 年归母净利润分别为4.4、5.7、6.9 亿元， 对应PE 为23、17、14倍，维持"买入"评级。 风险提示 竞争加剧风险；原材料价格上涨超预期；新产能投放不及预期；风电装机不及预期。 2025 年10 月28 日公司披露三季报，前三季度公司实现营业收入21.2 亿元，同比增长61.3%，实现归母 净利润3.05 亿元，同比增长104.6%；其中，Q3 公司实现营业收入8.36 亿元，同比增长39.4%，环比增 长7.5%，实现归母净利润1.17 亿元，同比增长56.5%，环比下降10.8%。 经营分析 风电主轴加速放量，盈利能力 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 2.12 billion RMB, a year-on-year growth of 61.3%, and a net profit of 305 million RMB, up 104.6% year-on-year [2] - The wind power main shaft is accelerating in volume, leading to continuous improvement in profitability, with a gross margin of 24.6% for the first three quarters, up 1.9 percentage points year-on-year [3] - The industry demand for wind power is expected to remain strong, with an upward revision for 2026, which is anticipated to support the company's profit improvement trend [3] Summary by Sections Performance Review - In Q3 2025, the company achieved revenue of 836 million RMB, a year-on-year increase of 39.4% and a quarter-on-quarter increase of 7.5%, with a net profit of 117 million RMB, up 56.5% year-on-year but down 10.8% quarter-on-quarter [2] Operational Analysis - The company’s gross margin improved to approximately 26.4% in Q3, benefiting from increased demand for wind power and a significant rise in the shipment of wind shaft products, particularly cast main shafts [3] - The company’s expense ratios for sales, management, and R&D have decreased, indicating improved cost management as revenue scales up [3] Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 440 million RMB, 570 million RMB, and 690 million RMB, respectively, with corresponding P/E ratios of 23, 17, and 14 [4]