Guangfa Securities: The complete machine and gearbox have built a bottom and stabilized, the prosperity of the wind power industry continues.

Guangfa Securities released a research report stating that the wind power industry chain has effectively prevented overcapacity, with profits from complete machines and cable segments continuing to increase by the first half of 2025, and leading enterprises seeing a doubling of non-GAAP net profits year-on-year. The industry's ROE is stabilizing and rising, and the securities firm believes that the wind turbine and gearbox segments have reached the industry's bottom, with the potential to be the first to see a turning point in profitability. The casting and forging parts and blade segments conform to the characteristics of low capital expenditure. With the recovery of industry demand and the scarcity of large megawatt casting and forging capacity, top high-speed dynamic ratio enterprises are expected to benefit. The cable and equipment sectors have both absolute and historical high ROE levels, indicating that the industry's prosperity is good.