Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [3][6][8]. Core Insights - The company has shown impressive performance in the first half of 2025, with revenue reaching 28.54 billion yuan, a year-on-year increase of 41.26%, and a net profit attributable to shareholders of 1.49 billion yuan, up 7.26% year-on-year [5][6]. - The sales revenue from wind turbines and components amounted to approximately 21.85 billion yuan, reflecting a significant year-on-year growth of 71.15%, with an improved gross margin of 7.97%, up 4.22 percentage points [5][6]. - The company has a strong order backlog, with total external orders amounting to 51.81 GW, a year-on-year increase of 42.27%, ensuring sustained business growth [5][6]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 19.07 billion yuan, a 44.18% increase year-on-year, but the net profit decreased by 12.80% to 919 million yuan [5][6]. - The overall gross margin for the first half of 2025 was 15.35%, down 2.90 percentage points, while the net margin was 5.83%, down 1.28 percentage points [5][6]. Market Position - The sales volume of large wind turbine units (6MW and above) has significantly increased, with a sales capacity of 8.67 GW, representing a year-on-year growth of 187.01% [5][6]. - The company has successfully maintained its leading position in the mixed tower industry, with new domestic orders increasing by 50% and international project orders reaching 3 GW [5][6]. Future Outlook - The company is expected to see EPS of 0.63 yuan, 0.79 yuan, and 0.91 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of approximately 18 times, 15 times, and 13 times [6][7].

Group 1: Domestic Wind Power Market - In Q1 2025, the newly installed wind power capacity in China was 14.6 GW, a year-on-year decrease of 5.7% [3] - As of the end of Q1 2025, the cumulative installed wind power capacity reached 535.4 GW, accounting for 15.6% of the total installed power capacity, while thermal power's share decreased to 42.3% [3] Group 2: International Market Expansion - Goldwind Technology has expanded its business to 47 countries across 6 continents, with installed capacity exceeding 1 GW in North America, Australia, Asia (excluding China), and South America [3] - As of March 31, 2025, the company's external orders amounted to 6,909 MW, representing a year-on-year growth of 26.1% [3] Group 3: Product Development and Innovation - The GWHV12 platform has achieved over 10 GW in single-platform deliveries for two consecutive years, while the GWHV17 platform covers low, medium, and high wind speeds [4] - The newly launched GWH204 Ultra model addresses complex scenarios such as rural and mountainous wind power [4] - The GWHV20 platform has successfully delivered its first 1 million kW project in the same year of commissioning, showcasing high installation efficiency [4] - The new GWH300-20 (25) MW model aims to reduce the Levelized Cost of Energy (LCOE) by 10% in deep-sea applications [4] Group 4: Wind Power Service Business - By the end of 2024, the company's operational capacity in wind power services approached 40 GW, reflecting a year-on-year growth of nearly 30% [5] - In 2024, wind power service revenue reached 550,703.14 million yuan, with after-service revenue of 391,297.04 million yuan, marking a year-on-year increase of 29.26% [5] Group 5: Green Production and Operations - Goldwind Technology emphasizes resource conservation and environmental friendliness, with ISO 14001 certification covering mixed towers, energy storage, and carbon management by the end of 2024 [6] - Ten factories have established energy management systems and received ISO 50001 certification, while four factories achieved national-level green factory certification and another four received provincial-level certification [6]