2025 年 08 月 29 日 风电行业业绩高速增长，全球化与创新双轮巩固 行业地位 买入(维持) 事件 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2025-08-28 | | --- | --- | | 当前股价（元） | 36.73 | | 总市值（亿元） | 78 | | 总股本（百万股） | 213 | | 流通股本（百万股） | 213 | | 52 周价格范围（元） | 21.98-40.75 | | 日均成交额（百万元） | 164.96 | 市场表现 相关研究 1、《中际联合（605305）：深耕高 空安全设备，推动多领域拓展》 2024-05-16 2、《中际联合（605305）：深耕高 空安全作业设备，多元化发展打开 增长空间》2024-02-02 2025 年上半年，风电行业在"十四五"收官之年迎来高速发 展，全球新增风电装机容量达 117GW，中国风电累计并网容量 同比增长 22.7%。国家能源局发布《电力系统调节能力优化专 项行动实施方案》，推动新能源上网电价全面市场化。中际联 合深耕风电领域，其齿轮齿条升降机、双机联动登塔 ...

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]