Gelonghui Nov 26 | Haitong Securities research reports pointed out that ming yang smart energy (601615.SH) is a leading enterprise in offshore wind power and export wind power, with improved gross margin of wind turbine manufacturing. In Q3 24, the gross margin of wind turbine manufacturing business (excluding accessories) was 7.90%, continuously increasing for four consecutive quarters. The company has sufficient orders in hand, with offshore wind orders maintaining a leading position. Overseas business expansion is accelerating. As of the end of June 2024, the company's global business has already achieved and potential order capacity exceeds 2GW; in terms of land wind, the company successfully entered the Americas market this year, and successively obtained two orders in Brazil; in terms of offshore wind, on October 8th, the company formally signed the front-end engineering design contract for the 2.8GW Med Wind project with international developer Renexia. Referring to comparable company valuations, the company is given a 13-16X PE for 2025, with a reasonable valuation range of 15.08-18.56 yuan, and a rating of "outperform the market".