业绩简评
　　8月27日公司披露2026年中报，上半年实现营收138.2亿元，同比增长26.9%；实现归母净利润-2.49亿元，同比下降273.4%；其中，二季度公司实现营收71.5亿元，同比增长3.9%，环比增长7.2%；实现归母净利润-2.97亿元，同比下降450%，环比下降721%。
　　经营分析
　　国内外低价订单集中交付，公司盈利短期承压。上半年公司风机及零部件销售实现收入125.4亿元，同比增长31.5%，其中风机销售规模8.9GW，同比增长41.7%。上半年公司实现海外收入13.9亿元，同比增长426%，海外毛利率为-12.4%，主要受前期中标的沙特项目订单单价较低，叠加上半年美元贬值及海运成本上升影响，海外收入虽然放量但产生较大亏损；国内方面，我们测算上半年国内风机毛利率约为5.4%，同比下降2.0pct，主要受上半年交付项目大部分属于此前2024年至2025年初承接的低价订单，同时也受到一定美伊战争带来的零部件价格上涨影响。考虑到2025年以来，行业主流机型投标均价已企稳回升，叠加公司持续积极开拓海外其他区域的高质量订单，看好下半年风电整机板块盈利能力实现修复。
　　战略新兴业务持续推进，绿醇+储能构筑第二成长曲线。公司着力推进新能源产业新生态的建设，全力开拓储能系统解决方案、新能源消纳等三大新兴业务。新能源消纳业务方面，公司围绕“源网荷储氢醇”、“网荷储算”一体化积极布局，参与的首个绿色甲醇项目预计将于年内开工，算电协同项目也已获取1GW新能源建设指标，其中500MW有望于年内开工；储能业务方面，上半年市场开拓取得积极进展，成功中标中电建海南州香加100MW/200MWh、电建集团福建30MW/60MWh等项目。
　　盈利预测、估值与评级
　　受短期国内外低价订单集中交付及成本端扰动影响，短期公司业绩承压，但考虑到风机价格持续维持高位，我们依然持续看好公司随着高价订单集中交付带来的显著弹性，预计2026-2028年归母净利润分别1.2、11.0、17.6亿元，对应当前PE72、8、5倍，维持“买入”评级
　　风险提示
　　原材料价格波动风险；汇率波动风险；市场竞争加剧。

　　业绩简评
　　2026年4月24日公司披露一季报，一季度实现营收66.7亿元，同比增长66.4%；实现归母净利润0.48亿元，同比下降18.7%，主要受税金及附加以及汇兑损失增加影响。
　　经营分析
　　低价订单消化接近尾声，看好下半年制造端毛利率修复：一季度公司实现销售毛利率8.03%，同比下降2.44pct，预计主要受毛利率较低的风机制造销售收入规模提升影响；截至一季度末，公司在手订单规模约45.6GW，同比增长5%，环比基本持平，结合公司各季度订单获取规模，假设所有订单按获取时间交付，我们测算当前在手订单中2024年四季度以前的低价订单占目前在手订单比例约12%，整体低价订单消化接近尾声，看好公司下半年制造端盈利能力向上修复。
　　期间费用率大幅下降，汇兑损失有所增加：受益于销售规模大幅提升，公司各项期间费用率实现明显下降，一季度公司销售、管理、研发费用率分别为3.70%、0.55%、2.09%，分别同比下降1.45、0.56、0.75pct；财务费用率同比上升0.34pct，主要受人民币升值，美元汇率有所下降影响，一季度汇兑损失有所增加。
　　盈利预测、估值与评级
　　公司为国内整机行业头部企业，与同类型企业相比，公司风机制造业务收入占比较高，电站转让及发电业务规模较小，有望受益于风机价格提升实现较为明显的业绩弹性，随着公司前期中标的低价订单陆续完成消化，制造端盈利能力有望进入上行通道。结合公司一季报及我们对行业最新判断，考虑到石油价格上涨对短期零部件价格产生的压力，预测2026-2028年归母净利润分别为7.9、15.5、22.2亿元，对应PE为16、8、6倍，维持“买入”评级。
　　风险提示
　　零部件价格波动风险、行业竞争加剧的风险。

1H26 revenue increased by 26.9% YoY to RMB13.82bn, while the attributable net profit (NP) came in at -RMB250mn (-273.4% YoY). For 2Q26, revenue came in at RMB7.15bn (+3.9/+7.2% YoY/QoQ), the attributable NP was -RMB300mn (-450.0/ -721.0% YoY/QoQ), and the recurring net profit was -RMB310mn (-478.5/-910.1% YoY/QoQ). We attribute the 2Q26 loss mainly to deliveries of low-priced orders in China, rising raw material and shipping costs, and USD depreciation, which weighed on the wind turbine GPM. Looking ahead, we expect deliveries of price-hiked domestic orders and the company’s efforts to secure high-quality overseas orders to support a recovery in wind turbine profitability. Emerging businesses are also expanding and may contribute incremental earnings. Maintain OVERWEIGHT.
Emerging businesses expanding
Energy storage: The company won bids for projects including PowerChina’s Hainan Xiangjia 100MW/200MWh project and PowerChina’s Fujian 30MW/60MWh project. It was also shortlisted for JinkoSolar’s 400MWh energy storage system framework procurement for 2026. 2) Integrated energy services: The smart services business mix is shifting toward higher value-added offerings, with the share of technical service contracts rising sharply. As two core products, replacement and retrofit of key mechanical components for turbines and renewal/reconstruction of key control systems contributed over 50% of the total technical service contract value as of the release of the interim report. 3) Renewable energy consumption: The company is advancing multiple renewable energy application scenarios, including wind/PV renewable energy resources, energy storage facilities, compute load, and hydrogen/methanol production. The company expects its first green methanol project to start construction within the year. The computing-power collaboration project in which the company participates has also obtained a 1GW renewable energy construction quota, of which a 500MW wind power project is expected to start construction within the year.
Earnings forecasts and valuation
Considering that deliveries of low-priced orders may exert pressure on overall pricing and that higher raw material and shipping costs may weigh on wind turbine profitability, we lower our wind turbine revenue and GPM assumptions. As market-based power trading has led to a decline in returns from self-owned power stations, we also lower our GPM assumption for the power-generation business. We cut our 2026/2027/2028 attributable NP forecasts by 75.63/9.02/7.05% to RMB208/1,326/1,681mn, with EPS of RMB0.26/1.69/2.14. Considering that FX, raw material, and shipping factors may weigh on the company’s profitability in 2026, while price recovery in China and overseas markets may drive earnings improvement in 2027, we switch to a 2027E valuation. We value the stock at 7x 2027E PE, below its peers’ average of 10.96x on Wind consensus, to factor in earnings pressure in the company’s major overseas markets. Our target price is RMB11.83 (previous: RMB19.44, based on 18x 2026E PE). Maintain OVERWEIGHT.
Risks: intensified competition, downstream demand falling short of expectations, power station transfer progress falling short of expectations, and raw material and shipping price volatility.

　　公司公布上半年业绩：收入138.2亿元（yoy+26.9%），归母净利-2.5亿元（yoy-273.4%）；其中Q2实现营收71.5亿元（yoy/qoq+3.9%/+7.2%），归母净利-3.0亿元（yoy/qoq-450.0%/-721.0%），扣非-3.1亿元（yoy/qoq-478.5%/-910.1%）。2Q26亏损主要系国内低价订单交付，叠加原材料及海运成本上升、美元贬值，风机毛利率承压。展望后续，国内涨价订单陆续交付，叠加公司积极开拓海外高质量订单，有望支撑风机盈利修复，新兴业务持续开拓，或贡献业绩增量，维持“增持”评级。
　　风机毛利率阶段性承压，关于后续盈利修复
　　26H1风机收入125.4亿元，同比+31.5%，销售量8.9GW，同比+41.7%，毛利率3.4%，同比-3.9pct，其中海外毛利率-12.4%，同比-15.7pct。公司风机业务盈利能力承压主要原因包括：1）国内存量低价项目交付，叠加美元贬值拖累海外项目价格；2）中东地缘冲突导致原材料价格波动剧烈，海运成本及效率受到显著影响，导致项目交付成本提升。订单层面，26H1公司风电设备新增订单9.6GW，累计在手订单47.5GW。展望后续，我们预计随着国内外涨价订单陆续交付，叠加限制性因素缓解或支撑项目进展恢复，公司风机盈利能力有望持续修复。
　　发电盈利承压，加速转让进度
　　26H1发电收入2.2亿元，同比-3.4%，毛利率34.5%，同比-26.6pct，毛利率大幅下滑主要受制于新能源上网电价市场化改革影响及上半年气候变化影响。展望后续，公司一方面持续提高风电场运营管理能力及成本管控能力，另一方面将持续推进“滚动开发”战略，加快推进风电场转让进度。
　　新兴业务持续开拓，有望贡献新增长极
　　储能：公司成功中标中电建海南州香加100MW/200MWh、电建集团福建30MW/60MWh等项目，并入围晶科能源2026年度400MWh储能系统框架采购。
　　综合能源服务：智慧服务业务结构持续向高附加值方向优化，技术服务合同占比大幅提升。机组关键机械部件替代改造与关键控制系统换新重塑作为两大核心产品，截至半年报发布合计贡献技术服务合同总额超50%。
　　新能源消纳：公司推进风光新能源资源、储能配套设施与算力负荷、制氢制醇等多种新能源应用场景，公司预计首个绿色甲醇项目年内开工，公司参与的算电协同项目亦取得1GW新能源建设指标，其中500MW风电项目预计年内开工建设。
　　盈利预测与估值
　　考虑到低价订单交付或导致整体价格承压，原材料及海运成本上涨拖累风机盈利表现，我们下调风机营收及毛利率假设；市场化交易导致自持电站收益率下降，我们下调发电业务毛利率假设；因此下调公司26-28年归母净利润至2.08/13.26/16.81亿元（较前值分别调整-75.63%/-9.02%/-7.05%），对应EPS为0.26/1.69/2.14元。考虑到26年公司受汇兑、原材料、海运等影响，盈利阶段性承压，27年国内外价格修复有望驱动盈利改善，我们切换至27年估值。参考可比公司27年PE均值10.96x，考虑到公司海外主力市场盈利承压有所估值折价，给予27年7xPE，目标价11.83元（前值19.44元，对应26年18xPE）。
　　风险提示：行业竞争加剧，下游需求不及预期，电站转让进度不及预期，原材料及海运价格波动等。

Windey Energy's 1Q26 revenue was RMB6,670mn(+66.4%YoY,-38.9%QoQ);attributable net profit(NP)was RMB50mn(-18.7%YoY,-46.0%QoQ).The YoY decline in 1Q26 attributable NP was mainly due to the delivery of low-priced orders,coupled with rising raw material costs for blades,which put pressure on short-term profitability.We expect the subsequent delivery of higher-priced orders to shore up wind turbine profitability,while the scaling of new businesses such as green methanol may contribute to earnings growth.Maintain OVERWEIGHT.
1Q26 profitability weakened YoY
In 1Q26,GPM fell by 2.4pp YoY to 8.0%,mainly due to the delivery of low-priced orders and rising raw material costs.The company demonstrated solid expense control.For 1Q26,overall expense ratio dropped by 2.1pp YoY to 6.5%,with sales/administrative expense ratios falling by 1.5/0.6pp YoY to 3.7/0.6%,mainly as economies of scale diluted unit expenses.Windey Energy has sufficient orders on hand–as of the end of 1Q26,orders on hand totaled 45.6GW,of which 37.3GW were for 6MW and above.Inventories/contract liabilities were RMB7,670/8,810mn,respectively,laying afoundation for subsequent deliveries.
Delivery of higher-priced orders to lift wind turbine profitability
By region,prices for domestic orders have increased by 5-10%since 2025,while orders from overseas regions such as North Africa,West Asia,and Eastern Europe command higher prices.We expect the delivery of low-priced domestic orders to be completed in 1H26.Going forward,a rising delivery proportion of high-quality domestic and overseas orders could shore up wind turbine profitability.Considering slowed wind turbine upsizing,we expect product centralization to improve production efficiency and model mix,thus mitigating raw material cost hikes caused by geopolitical conflicts.
New business expansion may contribute to earnings growth
On 16 April 2026,Windey Energy signed astrategic cooperation agreement with CHIMBUSCO on the production and sales of green fuels.We expect the company's 180ktpa biomass green methanol demonstration project in Handan,Hebei,to commence operations in 2027,providing sufficient capacity support for the cooperation between the two parties.Meanwhile,Windey Energy is expanding emerging businesses such as energy storage system solutions,integrated energy services,and new energy consumption,which could continue contributing to earnings growth.
Earnings forecasts and valuation
Considering that rising raw material costs may impede wind turbine profitability recovery,we lower our 2026 attributable NP forecast by 13.06%to RMB853mn,and maintain our 2027/2028 attributable NP forecasts at RMB1,457/1,808mn,implying 2026/2027/2028 EPS of RMB1.08/1.85/2.30.We maintain our target valuation multiple of 18x 2026E PE,in line with its peers'average on Wind consensus.Our target price is RMB19.44(previous:RMB22.50,based on 18x 2026E PE).
Risks:intensified competition;weaker downstream demand than we expect;slower power plant divestments than we expect.

　　公司公布一季度业绩：收入66.7亿元，同比+66.4%，环比-38.9%；归母净利润0.5亿元，同比-18.7%，环比-46.0%。公司一季度归母净利润同比下滑，主要系前期低价订单交付，叠加叶片原材料成本上涨，导致短期盈利承压。我们预计后续涨价订单交付有望支撑风机盈利修复，绿醇等新业务持续开拓，或贡献业绩增量，维持“增持”评级。
　　1Q26盈利能力同比承压
　　1Q26公司毛利率为8.0%，同比-2.4pct，主要系低价订单交付，叠加原材料成本上涨导致盈利能力承压。公司费用管控良好，1Q26期间费用率为6.5%，同比下降2.1pct，其中销售/管理费用率分别为3.7%/0.6%，同比下降1.5/0.6pct，主要原因为出货规模增加带来的单位费用摊薄。公司在手订单充足，截至1Q26末在手订单为45.6GW，其中6MW以上为37.3GW，存货、合同负债分别为76.7、88.1亿元，或奠定后续交付基础。
　　涨价订单交付有望支撑风机盈利修复
　　分区域来看，国内订单25年以来涨价5-10%，海外北非、西亚、东欧订单价格较高，我们预计国内低价订单消化有望于1H26完成，后续随着国内外优质订单交付比例上升，有望支撑风机盈利持续修复。考虑到风机大型化趋缓，我们看好产品集中化带来生产效率提升与机型结构优化，有望对冲地缘冲突导致的原材料成本上涨。
　　新业务加速开拓，或贡献业绩增量
　　4月16日，公司与中国船燃正式签署战略合作协议，实现绿色燃料产销协同，我们预计公司河北邯郸18万吨生物质绿色甲醇示范项目有望于2027年投产，为双方合作提供充足产能支撑。同时，公司持续开拓储能系统解决方案、综合能源服务和新能源消纳等新兴业务，有望持续贡献业绩增量。
　　盈利预测与估值
　　考虑到原材料成本上涨或拖累风机业务盈利修复进度，我们下调公司26年归母净利润为8.53亿元（较前值下调13.06%），维持27-28年归母净利润为14.57、18.08亿元，对应EPS为1.08、1.85、2.30元。参考可比公司估值，维持公司26年18xPE估值，对应目标价为19.44元（前值22.5元，对应26年18xPE）。
　　风险提示：行业竞争加剧，下游需求不及预期，电站转让进度不及预期等。