According to the report from Guojin Securities, as per SW wind power equipment statistics, the wind power sector achieved a revenue of 104.7 billion yuan in the first half of the year, a year-on-year increase of 45.6%; the net profit attributable to the parent company was 4.23 billion yuan, a year-on-year increase of 15.5%; among them, in Q2 2025, the wind power sector achieved a revenue of 66.4 billion yuan, a year-on-year increase of 52.4%; the net profit attributable to the parent company was 2.9 billion yuan, a year-on-year increase of 19%, reaching a single-quarter high in nearly 23 years. Against the backdrop of high revenue growth, the expense ratio across all segments improved significantly by 1-3 percentage points. The industry inflection point was established in H1 2025, and the revenue and profitability of the sector are expected to continue to rise, with a focus on recommending three main lines with greater profitability elasticity, including the complete machine segment.
<h2>The main viewpoints of Guojin Securities are as follows:</h2>
Driven by the rush demand in H1 2025, the sector's revenue and profitability achieved growth
According to SW wind power equipment statistics, the wind power sector achieved a revenue of 104.7 billion yuan in the first half of the year, a year-on-year increase of 45.6%; the net profit attributable to the parent company was 4.23 billion yuan, a year-on-year increase of 15.5%; among them, in Q2 2025, the wind power sector achieved a revenue of 66.4 billion yuan, a year-on-year increase of 52.4%; the net profit attributable to the parent company was 2.9 billion yuan, a year-on-year increase of 19%, reaching a single-quarter high in nearly 23 years. Against the backdrop of high revenue growth, the expense ratio across all segments improved significantly by 1-3 percentage points; the overall gross profit margin and net profit margin of the industry in H1 2025 decreased year-on-year, mainly due to the increase in the proportion of manufacturing revenue, which affected the gross profit margin of the complete machine segment. The upstream components and tower segments benefited from high demand, improved capacity utilization, and price increases, with most main business gross profit margins showing significant recovery.
From the balance sheet and order backlog indicators, demand in H2 2025 and FY 2026 is expected to maintain high prosperity
As of the end of the reporting period, most segments' inventories and contract liabilities were at historically high levels, and it is expected that the industry's installation demand in the second half of the year will continue to grow significantly. From the perspective of complete machine enterprises' order backlog, leading companies have maintained upward growth in their order backlogs both year-on-year and month-on-month. Based on the estimated market share of hoisting in 2024, the current industry order backlog is approximately 300 GW, and we are optimistic about continued growth in domestic installations in 2026.
The profitability of leading complete machine enterprises in manufacturing has mostly improved, with significant alpha for leaders, entering a phase of volume expansion overseas
In the first half of the year, the gross profit margins of Goldwind, Envision, and Mingyang in the manufacturing sector increased by 2-4 percentage points year-on-year, with Goldwind leading in the margin increase, mainly benefiting from fewer low-price bids and more high-price bids. With the delivery of high-price orders since Q4 2024, we are optimistic about the further release of profitability elasticity in the manufacturing sector of complete machines against the backdrop of overall inflation. In the first half of the year, the overseas expansion of the complete machine segment continued to accelerate, with Goldwind, Mingyang, and SANY achieving over 50% growth in overseas wind turbine revenue, with overseas wind turbine gross profit margins around 10-20%, generally higher than domestic levels; from January to July, domestic complete machine enterprises' overseas order volume exceeded 15 GW, doubling year-on-year, and we are optimistic about the gradual volume expansion of overseas and offshore wind businesses forming long-term growth in the complete machine segment.
The contract liabilities for submarine cables reached a historical high, and the profitability elasticity of the components segment is impressive
Domestic offshore wind development is accelerating, with Dongfang Cable and Haili Wind Power maintaining historically high levels of inventory and contract liabilities, and we are optimistic about the acceleration of confirmed revenue in the submarine cable and foundation segments in the second half of the year; DHI benefits from the upward trend in European offshore wind prosperity, with performance and orders continuing to be released
In terms of components, the production scheduling of castings and forgings in Q2 has further improved compared to the previous quarter. The increase in capacity utilization, combined with price increases in certain segments, has led to a significant recovery in gross profit margins. With expectations of continued high growth in wind power demand in the second half of the year, we are optimistic about further quarter-on-quarter performance improvements in the casting and forging segment in Q3.
Investment Recommendations
The industry turning point has been established in H1 2025, and the revenue and profitability of the upturn sector are expected to continue rising. We strongly recommend three main lines with greater profit elasticity: 1) The complete machine segment, benefiting from the continued unexpected increase in domestic wind turbine volume and price, and the improvement in the revenue structure of the two seas driving a trend of profitability improvement. Key recommendations include: Goldwind (002202.SZ), Yunda Co., Ltd. (300772.SZ), and MYSE (601615.SH); 2) The submarine cable and infrastructure segment, benefiting from high demand in the &#34;two seas&#34; and overseas order spillover, with profitability expected to rise. Key recommendations include: DHI (002487.SZ), NBO (603606.SH), and HAILI WIND POWER (301155.SZ); 3) The casting and forging and blade segments, benefiting from tight supply and demand leading to price increases, with considerable performance elasticity under released demand. Key recommendations include: Jinlei Co., Ltd. (300443.SZ) and Riyue Co., Ltd. (603218.SH).
Risk Warning
Risks of commodity price fluctuations; downstream installations falling short of expectations; policy risks

002487

603606

601615

002202

02208

301155

Guojin Securities released a research report stating that in the first half of 2025, the wind power industry will achieve revenue of 104.7 billion yuan, driven by demand for installation, a year-on-year increase of 45.6%; the net profit attributable to the parent company will be 4.23 billion yuan, a year-on-year increase of 15.5%. In the second quarter of 2025, the wind power sector's revenue will be 66.4 billion yuan, an increase of 52.4% year-on-year, with a net profit of 2.9 billion yuan, an increase of 19% year-on-year, setting a new quarterly high in 23 years. It is expected that demand in the second half of the year will remain high, and the profitability elasticity in the complete machine segment is worth paying attention to

Zhitong

MYSE

Goldwind

GOLDWIND

HAILI WIND POWER

Guotai Junan Securities: Profit continues to turn upward, wind power industry prosperity accelerates upward