Wind Power Industry's Peak Season Arrived Early, Dajin Heavy Industry's Q1 Revenue Up 146% YoY

The peak season for the wind power industry in 2025 arrived earlier than usual. Due to increased shipments, Dajin Heavy Industry (002487.SZ) saw significant YoY growth in both revenue and profit. Jinlei Co., Ltd., which previously released an earnings forecast, also performed well in Q1.

Dajin Heavy Industry announced today that the company achieved Q1 revenue of 1.141 billion yuan, up 146.36% YoY, and a net profit of 231 million yuan, up 335.91% YoY. Jinlei Co., Ltd. (300443.SZ) is expected to report Q1 earnings growth of 70.96% to 91.47% YoY.

An industry insider told Cailian Press that the peak season for the wind power industry in 2025 arrived earlier than usual, with many companies in the industry seeing increased shipments and earnings growth YoY. "For the wind power industry, Q2 is usually the peak season, and Q3 is even better than Q2. This year, many companies' shipments in Q1 were better than the same period last year."

In terms of tender and bid, the scale of awarded bids for Chinese wind turbine manufacturers in 2024 reached 220GW, up 90% YoY. According to GWEC's "Global Wind Report (2024)", global wind power installations are expected to increase by 660GW from 2025 to 2028, with onshore wind power increasing by 539GW and offshore wind power by 121GW. The average annual new installations over the next four years will reach 165GW, and the wind power industry is expected to enter an accelerated construction period in 2025.

Specifically for Dajin Heavy Industry, the company has a relatively high proportion of overseas markets and sufficient orders on hand, and is expected to enter a concentrated delivery cycle this year. Dajin Heavy Industry stated that the delivery volume of overseas offshore projects in Q1 increased significantly. Moreover, due to better gross profit margins for overseas projects, the company's Q1 gross profit margin and net profit margin continued to rise, reaching 30.95% and 20.25% respectively, with the quarterly net profit hitting the highest level since the company's listing.

It is worth noting that all export pile foundation orders to be delivered this year are in DAP mode, with more than half being TP-less single pile products. According to the company's delivery schedule for orders on hand, the production schedule for subsequent export products is expected to remain highly active.