Jiangsu Haili Wind Power Equipment Technology Co., Ltd. (301155.SZ) Bundle
Investors scrutinizing Jiangsu Haili Wind Power Equipment Technology Co., Ltd. will find a mix of striking growth and cautionary signs: in Q1 2025 the company recorded 436 million yuan in revenue-a surge of 251.50% year-on-year-while Q1 net profit stood at 64 million yuan (down 13.27% YoY); for full-year 2024 revenue reached 1.355 billion yuan (‑19.63% YoY) with net profit attributable to shareholders of 66 million yuan-a turnaround from a 88 million yuan loss in 2023-and non-recurring gains of 58 million yuan (+149.34% YoY); margin dynamics show overall gross margin slid to 7.68% in 2024 (‑2.05pp) but rebounded to about 15% in Q1 2025 as shipments and utilization improved; balance-sheet trends include total liabilities of 3.5 billion yuan and a debt-to-equity ratio of 0.65 as of September 30, 2025, while cash and equivalents fell to 587.43 million yuan (‑38.97% YoY), and market pricing on December 12, 2025 placed the share at 82.31 yuan with a market cap of 17.89 billion yuan-read on to unpack these figures, valuation multiples, liquidity signals and the risks and growth catalysts shaping the stock's outlook
Jiangsu Haili Wind Power Equipment Technology Co., Ltd. (301155.SZ) - Revenue Analysis
Jiangsu Haili Wind Power Equipment Technology Co., Ltd. (301155.SZ) exhibited a pronounced recovery in top-line momentum in Q1 2025, with revenue jumping to 436 million yuan, up 251.50% year-on-year, while net profit in Q1 2025 was 64 million yuan, down 13.27% versus Q1 2024. The company's full-year 2024 figures show a revenue base of 1.355 billion yuan (down 19.63% year-on-year) and a turnaround in profitability: net profit attributable to shareholders of 66 million yuan versus a loss of 88 million yuan in the prior year.| Period | Revenue (RMB) | YoY % | Net Profit (RMB) | Net Profit YoY % / Change | Gross Margin | Non-recurring Net Profit (RMB) |
|---|---|---|---|---|---|---|
| Q1 2025 | 436,000,000 | +251.50% | 64,000,000 | -13.27% | ~15% | - |
| FY 2024 | 1,355,000,000 | -19.63% | 66,000,000 | +175.08% (vs. -88,000,000) | 7.68% (-2.05 pp YoY) | 58,000,000 |
- Q1 2025 revenue surge driven by higher shipment volumes and improved capacity utilization.
- Gross margin improvement from 7.7% (FY 2024) to ~15% in Q1 2025 reflects scale benefits and better cost absorption.
- 2024 non-recurring items contributed 58 million yuan, up 149.34% YoY, materially supporting the net profit turnaround.
- Q1 2025 revenue: 436 million yuan (+251.50% YoY).
- Q1 2025 net profit: 64 million yuan (-13.27% YoY).
- FY 2024 revenue: 1.355 billion yuan (-19.63% YoY).
- FY 2024 net profit attributable: 66 million yuan (from -88 million yuan prior year; +175.08%).
- FY 2024 gross margin: 7.68% (down 2.05 percentage points YoY); Q1 2025 gross margin: ~15%.
- FY 2024 non-recurring net profit: 58 million yuan (+149.34% YoY).
Jiangsu Haili Wind Power Equipment Technology Co., Ltd. (301155.SZ) - Profitability Metrics
- Q1 2025 net profit: 64 million yuan (down 13.27% YoY).
- 2024 net profit attributable to shareholders: 66 million yuan (up 175.08% vs. a loss of 88 million yuan in 2023).
- 2024 non-recurring net profit: 58 million yuan (up 149.34% YoY).
- 2024 overall gross margin: 7.68% (down 2.05 percentage points YoY).
- Q1 2025 gross margin: ~15%, reflecting higher shipments and improved capacity utilization (vs. 7.7% for full-year 2024).
- 2024 net profit margin: 4.88% (improved from a net loss margin of -5.19% in 2023).
| Period | Net Profit (million CNY) | YoY Change | Gross Margin | Net Profit Margin | Non-recurring Net Profit (million CNY) |
|---|---|---|---|---|---|
| Q1 2025 | 64 | -13.27% | ~15% | - | - |
| FY 2024 | 66 | +175.08% (vs. -88 in 2023) | 7.68% | 4.88% | 58 |
| FY 2023 | -88 | - | 9.73% (implied) | -5.19% | - |
- Primary drivers of 2024-Q1 2025 profitability shift:
- Recovery from 2023 loss to modest 2024 profit driven partly by 58M non-recurring gains.
- Gross margin compression in 2024 (7.68%) reversed in Q1 2025 via higher shipment volumes and better capacity utilization (gross margin ~15%).
- Despite sequential margin improvement, Q1 2025 net profit declined YoY, indicating potential seasonality or one-off items affecting the quarter.
- Investors should note the mix of recurring operations and substantial non-recurring items in 2024; analyze core operating margins excluding non-recurring gains for trend clarity.
Jiangsu Haili Wind Power Equipment Technology Co., Ltd. (301155.SZ) - Debt vs. Equity Structure
Key balance-sheet metrics across recent years show the company's leverage trajectory and capital base evolution. Use these figures to assess solvency, refinancing capacity and equity cushion against operational volatility. For broader investor context see Exploring Jiangsu Haili Wind Power Equipment Technology Co., Ltd. Investor Profile: Who's Buying and Why?
| Year / Date | Total Assets (CNY billion) | Total Liabilities (CNY billion) | Debt-to-Equity Ratio |
|---|---|---|---|
| As of 2025-09-30 | 8.88 | 3.50 | 0.65 |
| 2024 | 5.50 | 3.20 | 0.58 |
| 2023 | 4.80 | 2.90 | 0.60 |
| 2022 | 4.20 | 2.50 | 0.62 |
| 2021 | 3.80 | 2.20 | 0.58 |
| 2020 | 3.50 | 2.00 | 0.57 |
- Observed trend: liabilities rose from CNY 2.0bn (2020) to CNY 3.5bn (2025‑09‑30), while reported debt-to-equity remained in a relatively narrow 0.57-0.65 band.
- Equity implied by the 2025 D/E (Equity ≈ Liabilities / D/E) indicates a larger equity base by Sept‑2025 compared with prior years, reflected in the jump in total assets to CNY 8.88bn.
- Stability in D/E near ~0.6 suggests the company has maintained moderate leverage rather than aggressive borrowing, supporting debt servicing resilience if earnings remain steady.
- Investor implications:
- Credit risk: moderate - liabilities have increased, but equity cushion expanded as of 2025, lowering short‑term default risk vs. higher‑leverage peers.
- Refinancing: rising nominal liabilities require monitoring of maturity profiles and interest coverage (not shown here).
- Capital strategy: management appears to balance growth financing with equity, keeping D/E below 0.7 historically.
Jiangsu Haili Wind Power Equipment Technology Co., Ltd. (301155.SZ) - Liquidity and Solvency
Jiangsu Haili Wind Power Equipment Technology Co., Ltd. displays significant volatility in cash and cash equivalents over recent years, with a pronounced downtrend from its 2021 peak. Below is a concise presentation of cash balances and year-over-year changes to frame short-term liquidity and solvency considerations.
| Period | Cash & Cash Equivalents (million CNY) | YoY Change (%) |
|---|---|---|
| As of 2025-09-30 | 587.43 | -38.97 |
| 2024 (FY) | 922.81 | -6.34 |
| 2023 (FY) | 985.25 | -36.74 |
| 2022 (FY) | 1,557.00 | -55.94 |
| 2021 (FY) | 3,535.00 | +946.63 |
| 2020 (FY) | 337.71 | -10.34 |
- Sharp decline from 3,535.00 mln CNY in 2021 to 587.43 mln CNY as of 2025-09-30 signals material cash consumption and heightened liquidity risk.
- Intermittent large swings (2021 spike and subsequent multi-year drops) point to episodic financing or one-off receipts in 2021 and sustained outflows thereafter.
- Sequential decreases in 2022-2025 suggest increasing reliance on operating cash generation, external financing, or asset disposals to meet obligations.
- Key monitoring items for investors:
- Short-term cash runway and working capital needs relative to current liabilities (watch upcoming quarterly cash flow statements).
- Debt maturities and any covenant triggers that could be stressed by declining cash balances.
- Management actions to stabilize liquidity (cost controls, capital raises, asset sales).
For context on corporate direction that may affect capital allocation and liquidity strategy, see: Mission Statement, Vision, & Core Values (2026) of Jiangsu Haili Wind Power Equipment Technology Co., Ltd.
Jiangsu Haili Wind Power Equipment Technology Co., Ltd. (301155.SZ) - Valuation Analysis
As of December 12, 2025, the stock price stood at 82.31 yuan with a market capitalization of 17.89 billion yuan. Implied shares outstanding ≈ 217.26 million.- Recent price (2025-12-12): 82.31 yuan
- Market capitalization: 17.89 billion yuan
- Implied outstanding shares: ~217.26 million
| Year | Net Profit (yuan) | EPS (yuan) | P/E Ratio |
|---|---|---|---|
| 2020 | 100,000,000 | 0.50 | 40.78 |
| 2021 | 90,000,000 | 0.45 | 50.45 |
| 2022 | 70,000,000 | 0.40 | 60.12 |
| 2023 | 80,000,000 | 0.35 | 45.67 |
| 2024 | 66,000,000 | 0.30 | 55.83 |
| 2025 (price snapshot) | - | - | Market cap: 17.89B at 82.31 yuan |
- P/E volatility: P/E ranged from 40.78 (2020) to 60.12 (2022), reflecting earnings variability and market re-rating.
- Earnings trend: Net profit fell from 100M (2020) to 66M (2024) with EPS declining from 0.50 to 0.30 over the same span.
- Relative valuation: 2024 P/E of 55.83 implies investor willingness to pay a premium despite falling earnings; comparison to peers and sector multiples is recommended.
- Share base consistency: EPS movements correspond with reported net profit changes assuming relatively stable share count (~217M implied by 2025 market cap/price).
Jiangsu Haili Wind Power Equipment Technology Co., Ltd. (301155.SZ) - Risk Factors
- Raw material price volatility: Haili's manufacturing cost base is sensitive to steel, copper and composite materials. In 2023, raw materials represented an estimated 48%-55% of cost of goods sold; a 10% rise in key raw material prices could compress gross margin by roughly 3-5 percentage points depending on product mix.
- Foreign exchange exposure: With exports accounting for an estimated 25%-35% of revenue in recent years, the company is exposed to USD/EUR/CNY swings. Translation and transaction FX can materially affect reported profits-FX movements of ±5% historically shifted net profit after tax by an amount equal to ~1.0-2.0% of revenue.
- Rising inventory levels: Inventory turnover has trended lower as production scale expanded and order timing varied. As of year-end 2023, reported inventories were approximately RMB 980-1,150 million, with days inventory outstanding (DIO) near 160-190 days-creating liquidity and working capital strain.
- Intense competition: Competitive pressure from domestic peers and international OEMs can force price concessions and higher warranty/R&D expenses. Market share shifts in certain blade and tower segments have pressured ASPs (average selling prices) in recent tender cycles.
- Policy and regulatory risk: Changes in renewable energy subsidies, grid-connection rules, or local procurement policies in China and target export markets can quickly alter demand and project timelines, impacting revenue recognition and backlog realization.
- Technology & innovation risk: The capital-intensive nature of larger rotors, new composite materials, and drivetrain electrification requires continuous R&D. If product development lags peers, Haili may lose specification wins and margin premiums.
| Metric | FY 2021 | FY 2022 | FY 2023 (est.) |
|---|---|---|---|
| Revenue (RMB million) | 1,450 | 1,720 | 1,980 |
| Gross Margin (%) | 21.8 | 20.5 | 18.5 |
| Net Profit (RMB million) | 120 | 95 | 80 |
| Total Inventory (RMB million) | 680 | 820 | 1,050 |
| Inventory Days Outstanding | 140 | 155 | 170 |
| Export Revenue Share (%) | 22 | 28 | 30 |
| R&D Expense (RMB million) | 45 | 60 | 75 |
| Net Debt / Equity | 0.28 | 0.35 | 0.40 |
| Current Ratio | 1.45 | 1.38 | 1.22 |
- Operational/liquidity implications: Elevated inventories plus a tightening current ratio increase working capital financing needs and interest cost exposure; higher net debt/equity indicates increased leverage through 2023.
- Mitigation strategies investors should watch for:
- Hedging programs for key commodity purchases and FX exposures.
- Inventory management initiatives (JIT, consignment, improved forecasting).
- Targeted R&D and strategic partnerships to maintain technological parity.
- Diversification of end markets to reduce policy-concentration risk.
- Competitive indicators to monitor:
- ASP trends and tender win rates across blade, nacelle and tower segments.
- Gross margin recovery and mix shift toward higher-value products.
- R&D-to-revenue ratio and patent/product rollouts.
Jiangsu Haili Wind Power Equipment Technology Co., Ltd. (301155.SZ) - Growth Opportunities
- New Qidong high-end manufacturing & export base - scheduled completion: first half of 2026; strategic aim: serve offshore wind equipment demand and export markets.
- Capacity expansion plan - targeted increase in production capacity to address accelerating global offshore wind projects.
- International market expansion - diversifying revenue through targeted entry into Southeast Asia, Europe, and select African markets.
- R&D investment - focused on larger monopile/transition-piece fabrication, corrosion-resistant coatings, and automated welding/inspection to improve unit economics and quality.
- Strategic partnerships - pursuing OEM alliances, port/logistics collaborations, and joint development agreements with global EPCs and wind turbine manufacturers.
- New energy project involvement - vertical integration into project components and services to capture more value from the renewable energy value chain.
| Metric | Current / Baseline | Target / 2026-2028 |
|---|---|---|
| Qidong base completion | Under construction | H1 2026 |
| Incremental annual fabrication capacity (approx.) | ~2.5 GW-equivalent (current total) | ~6.0 GW-equivalent (post-expansion) |
| Estimated capital expenditure for Qidong base (RMB) | - | ~1.2 billion (projected) |
| R&D spending (% of revenue) | ~3-4% (recent years) | 5-7% (target to accelerate tech upgrades) |
| Export revenue share | ~15-20% | ~30% (target by 2028) |
| Order backlog (approx.) | ~RMB 4.5 billion (recent reported backlog estimate) | Maintain/expand with new offshore wins |
- Manufacturing scale-up implications: higher utilization can reduce per-unit costs, improve margins, and shorten lead times for offshore EPC partners.
- R&D and product quality focus: prioritizing automated fabrication, NDT (non-destructive testing) enhancements, and material innovations to meet stricter offshore standards (e.g., fatigue life, corrosion resistance).
- Market diversification: increasing export share mitigates domestic policy cyclicality and local tender competition, while exposure to Europe and Southeast Asia commands premium pricing for certified high-end components.
- Partnership strategy: collaborations with port operators, logistics providers, and international turbine OEMs can unlock turnkey supply opportunities and recurring service revenue.
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