向海而兴，驭风而行。在我国能源结构向低碳化深度转型的浪潮中，海上风电正以强劲动能，成为驱动 能源转型与海洋经济崛起的核心引擎。 过去一年，从顶层设计到行业规划，再到沿海省份密集落地重大项目，海上风电的战略定位愈发清晰。 一方面，海上风电以稳定、可规模化的清洁输出，为推进"双碳"目标提供坚实底座；另一方面，它牵引 船舶制造、海工装备、海洋牧场等多条产业链延伸，成为带动海洋经济增长的新动能。 从近岸浅海到深远海，海上风电正以更快速度、更大规模、更稳技术向蓝海挺进。国家能源局数据显 示，截至今年9月底，我国海上风电累计装机容量达4461万千瓦，连续四年位居全球第一。 多方协同 不断提升国际竞争力 今年以来，从中央到地方密集释放政策信号，明确海上风电在未来能源体系中的关键位置。 今年7月份召开的中央财经委员会第六次会议提出，"要做强做优做大海洋产业，推动海上风电规范有序 建设"。10月份，国家能源局综合司副司长、新闻发言人张星在国家能源局举行的四季度新闻发布会上 表示，"十五五"期间，将"加大海上风电开发力度，完善顶层设计，加快研究出台深远海海上风电规划 性文件和管理办法，推动海上风电规范有序建设。"一系列政策密集落 ...

向海而兴，驭风而行。在我国能源结构向低碳化深度转型的浪潮中，海上风电正以强劲动能，成为驱动 能源转型与海洋经济崛起的核心引擎。 过去一年，从顶层设计到行业规划，再到沿海省份密集落地重大项目，海上风电的战略定位愈发清晰。 一方面，海上风电以稳定、可规模化的清洁输出，为推进"双碳"目标提供坚实底座；另一方面，它牵引 船舶制造、海工装备、海洋牧场等多条产业链延伸，成为带动海洋经济增长的新动能。 从近岸浅海到深远海，海上风电正以更快速度、更大规模、更稳技术向蓝海挺进。国家能源局数据显 示，截至今年9月底，我国海上风电累计装机容量达4461万千瓦，连续四年位居全球第一。 多方协同 不断提升国际竞争力 今年以来，从中央到地方密集释放政策信号，明确海上风电在未来能源体系中的关键位置。 今年7月份召开的中央财经委员会第六次会议提出，"要做强做优做大海洋产业，推动海上风电规范有序 建设"。10月份，国家能源局综合司副司长、新闻发言人张星在国家能源局举行的四季度新闻发布会上 表示，"十五五"期间，将"加大海上风电开发力度，完善顶层设计，加快研究出台深远海海上风电规划 性文件和管理办法，推动海上风电规范有序建设。"一系列政策密集落 ...

Core Viewpoint - The company reported a significant increase in revenue and net profit for Q1-Q3 2025, with revenue reaching 1.352 billion yuan, up 44.75% year-on-year, and net profit of 438 million yuan, up 84.00% year-on-year [1] Financial Performance - For Q1-Q3 2025, the company achieved a gross margin of 50.60%, an increase of 1.74 percentage points year-on-year, and a net profit margin of 32.41%, up 6.90 percentage points year-on-year [2] - In Q3 2025, the company reported a gross margin of 51.29%, up 2.08 percentage points year-on-year, and a net profit margin of 33.02%, up 6.12 percentage points year-on-year [2] - The company’s expense ratios for sales, management, R&D, and financial costs showed a decrease compared to the previous year, indicating improved cost management [2] Market Trends and Product Development - The domestic wind power installation demand remains strong, with the company capitalizing on the trend of larger wind turbines by introducing high-value products such as large-load elevators and gear rack elevators [3] - The company is actively expanding its overseas market presence, with overseas revenue reaching 453 million yuan in H1 2025, a year-on-year increase of 46.94%, and accounting for 55.39% of total revenue [3] - The company is diversifying into non-wind power sectors, applying its products and services across 17 different industries, which opens up additional growth opportunities [3] Investment Outlook - The company is well-positioned to benefit from the domestic wind power installation demand and the trend towards larger wind turbines, with an improving order structure [4] - The company is expected to achieve revenues of 1.760 billion, 2.139 billion, and 2.496 billion yuan for 2025-2027, representing year-on-year growth rates of 35.5%, 21.6%, and 16.7% respectively [4] - Projected net profits for the same period are 530 million, 671 million, and 796 million yuan, with year-on-year growth rates of 68.4%, 26.5%, and 18.6% respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The wind power industry is experiencing rapid growth, driven by both policy and demand, with a significant increase in global installed capacity and a 22.7% year-on-year growth in China's cumulative wind power capacity [4] - The company has achieved a 43.52% year-on-year increase in revenue, supported by innovative products that align with the trend of larger wind turbines [4] - The company maintains a leading market position in the wind power sector, with a 49.61% year-on-year increase in contract liabilities, reflecting strong industry momentum [4] Summary by Sections Market Performance - The company reported a revenue of 818 million yuan in the first half of 2025, a 43.52% increase compared to the same period in 2024, and a net profit of 262 million yuan, up 86.61% year-on-year [3] Investment Highlights - The wind power industry is in a high-growth phase, with global new installed capacity reaching 117 GW in the first half of 2025 [4] - The company has developed innovative products such as gear rack elevators and dual-machine tower climbing solutions, which cater to the increasing size of wind turbines [4] - The company’s R&D investment reached 35.93 million yuan, with 30 new patent applications and 19 new authorizations in the first half of 2025 [5] Global Expansion and Trade Policy Adaptation - The company is expanding its overseas market presence, with a forecast of over 350 GW of new offshore wind installations from 2025 to 2034, and has established localized service teams through subsidiaries [6][8] - The company has effectively managed exchange rate risks through tools like foreign exchange hedging and has achieved AEO certification to enhance cross-border trade facilitation [6][8] Profit Forecast - The company’s revenue is projected to reach 1.734 billion yuan in 2025, with an EPS of 2.16 yuan, corresponding to a PE ratio of 17.0 [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve significant growth in its performance for the first half of 2025, with a projected net profit attributable to shareholders ranging from 250 to 300 million yuan, representing a year-on-year increase of 78% to 114% [1] - The company has seen a 50% year-on-year increase in new orders from January to May 2025, with a notable improvement in the order structure, particularly in large-load elevators and gear rack elevators, which now account for approximately 40% of the total order value [2] - The company is enhancing its international presence, with overseas revenue reaching 650 million yuan in 2024, a 19% increase year-on-year, and accounting for 50% of total revenue, with a gross margin of 56% from international sales, significantly higher than domestic margins [2] - The company is actively innovating its product offerings in the wind power sector, introducing new products that align with the trend of larger wind turbines, while also expanding into non-wind sectors such as industrial and emergency rescue applications [3] Summary by Sections Financial Performance - The company forecasts a net profit of 492 million yuan for 2025, with a year-on-year growth of 56.4%, and an EPS of 2.32 yuan, translating to a PE ratio of 12.9 [4] - Revenue projections for 2025 are set at 1.915 billion yuan, reflecting a 47.5% increase compared to 2024 [4] Order and Market Dynamics - The company has optimized its order structure, with a focus on high-value products, leading to improved customer recognition and market coverage [2] - The company has established wholly-owned subsidiaries in key international markets, enhancing its ability to provide comprehensive services to overseas clients [2] Product Development - Continuous product innovation is a priority, with new solutions being developed to increase the value and profitability of wind power products [3] - The company is also diversifying its product applications beyond wind power, targeting various industries [3]