Tianfeng Securities: Initiates Coverage of Haili Wind Power with a "Buy" Rating, Target Price of 78.74 yuan.

The Tianfeng Securities research report pointed out that Haile Wind Power has been deeply involved in the manufacturing of offshore wind power components for over 15 years and is a leading domestic provider of offshore wind power equipment. Haile Wind Power is experiencing resonance in the global market from demand in Central Europe, and it is expected that a new round of installation prosperity will begin over the next 25 years. The new prosperity cycle for Chinese and European offshore wind power is expected to accelerate the start of new projects in China by 2025, leading to improvements in Haile Wind Power's product prices and delivery scale, driving the company's profitability to recover. In the future, deep-sea and export contributions will bring new growth momentum, with the company's net profit attributable to shareholders forecasted to be 0.86 billion, 1.10 billion, and 1.31 billion yuan in 2025, 2026, and 2027 respectively, with PEs of 15.8, 12.3, and 10.3 times. Giving it a 20 times PE for 2025, the target price is set at 78.74 yuan, initiating coverage with a "buy" rating.