海力风电20250829

Summary of Haile Wind Power Conference Call Company Overview - Company: Haile Wind Power - Industry: Offshore Wind Power Key Financial Performance - Q2 2025 Revenue: 1.593 billion CNY, with a net profit of 141 million CNY and a non-recurring net profit of 137 million CNY, benefiting from offshore wind projects [1][3] - H1 2025 Revenue: 2 billion CNY, a year-on-year increase of 461%, with a net profit of 205 million CNY, up 90% [3] - Q2 2025 Shipment Volume: 198,000 tons, with significant contributions from Jiangsu offshore wind farms, particularly the Dafeng project [3] Product Structure and Market Trends - Product Shipment Structure: - Q1 2025: Installation 86%, Tower 12%, Jacket 1.75% - Q2 2025: Installation 77%, Tower 14%, Jacket 5% - Expectation for H2 2025: Jacket proportion to exceed 30%, and over 50% by 2026 [3][4] - Production Capacity: - Eight major bases with varying capacities, including 100,000 tons for Dongying and Rushan, and 80 sets for the Jiangsu Qidong base dedicated to jackets [5] Strategic Initiatives - International Expansion: Actively tracking 15 European projects, including the UK LT project, with contracts expected next year and production starting between 2027-2028 [6] - Production Challenges: Anticipated capacity shortages due to a shift towards deep-sea projects starting in 2026 [7][8] Technical Developments - Deep-Sea Jacket Specifications: Increased weight and size due to water depth, with the first jacket exceeding 3,000 tons and 100 meters in height [9] - Profitability: Deep-sea jackets show significantly higher profitability compared to nearshore jackets, although specific figures are not disclosed [11] Order and Revenue Outlook - Current Orders: Approximately 4.5 billion CNY (excluding tax), corresponding to 600,000 tons, with plans to focus on higher-margin projects in 2026 [2][10] - Debt Recovery: Plans to gradually recover bad debts by year-end, with significant cash inflows expected from warranty payments [18] Future Market Expectations - Domestic Offshore Wind Installation: Expected to be between 8 to 10 GW in 2025, with potential delays in project approvals [13] - European Market Growth: Anticipated significant growth in the European jacket market, particularly in the UK, as offshore wind demand resumes [16] Additional Insights - Electric Station Disposal Plan: Plans to gradually trade six electric stations, with five to be sold to major shareholders [19] - Production Facility Upgrades: Ongoing solidification of production bases, with new facilities planned to enhance domestic single-pile production [12]