先看整体情况：政策暖风下的行业布局 这30只股票里，资本货物、材料、技术硬件三大行业占了16席，明显是政策发力的方向。比如资本货物里的明阳智能，既是风电龙头，又搭上海风概念，最 近被两家券商同时推荐。材料板块的迪安诊断，属于医疗赛道，业绩回暖预期强。技术硬件里的安徽合力，叉车龙头，出口业务增长快。这说明机构现在更 看重政策支持的实体经济领域，尤其是高端制造和绿色能源。 家人们，这里是帮主郑重的复盘分享时间。今天咱们聊聊券商最新动向。5月23日，Wind数据显示有30只个股刚被券商"买入"评级，其中明阳智能以39.88% 的目标涨幅冲上榜首，迪安诊断、安徽合力也分别有16%和5%的空间。这波评级背后藏着哪些机会？我给大家划划重点。 市场现在处于政策底向业绩底过渡的阶段，券商评级更多是信号意义。作为老记者，我经历过多次牛熊转换，深知"政策定方向，业绩定生死"。这30只票 里，建议优先选有真实订单、现金流健康的，比如明阳智能的电站转让和迪安诊断的检测量增长。记住，宁可少赚，别踩雷。 重点拆解：明阳智能为何被机构狂推？ 明阳智能这次目标价13元，比现价10元高出近40%，底气来自三方面。第一，业绩拐点初现，一季度风机 ...

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" with a target price of 14.1 CNY [1][7]. Core Views - The company has shown signs of recovery with a significant increase in revenue in Q1 2025, achieving 77.04 billion CNY, a year-on-year increase of 51.78% [1][7]. - The company is expected to benefit from accelerated domestic offshore and onshore order deliveries, leading to a recovery in manufacturing profitability [7][8]. - The forecasted earnings per share (EPS) for 2025-2027 are 0.71 CNY, 0.94 CNY, and 1.16 CNY respectively, with corresponding price-to-earnings (PE) ratios of 15, 11, and 9 [7][8]. Financial Performance Summary - For the fiscal year 2024, the company reported total revenue of 271.58 billion CNY, a decrease of 3.43% year-on-year, and a net profit attributable to shareholders of 3.46 billion CNY, down 8.12% year-on-year [1][3]. - The company’s revenue from wind turbine and accessory business in 2024 was 208.33 billion CNY, a decline of 12.4% year-on-year, with a sales volume of 10.82 GW, an increase of 11.66% year-on-year [7][8]. - The gross margin for the manufacturing segment in 2024 was -0.46%, reflecting a year-on-year decrease of 3.61 percentage points [7][8]. Future Outlook - The company has a backlog of orders amounting to approximately 42.22 GW, with over 3 GW being international orders, indicating strong future revenue potential [7][8]. - The report anticipates that the manufacturing profitability will turn positive as the average bidding price stabilizes and increases, particularly with the contribution from high-margin overseas orders [7][8].

Core Viewpoint - The company reported a decline in revenue and net profit for the fiscal year 2024, but showed significant growth in Q1 2025, indicating a potential recovery in performance [1][2][3]. Financial Performance - For the fiscal year 2024, the company achieved revenue of 27.158 billion yuan, a year-on-year decrease of 3.43% (adjusted) [1]. - The net profit attributable to shareholders was 346 million yuan, down 8.12% year-on-year, while the net profit excluding non-recurring items was 175 million yuan, a decline of 14.25% [1]. - In Q1 2025, the company reported revenue of 7.704 billion yuan, an increase of 51.78% year-on-year and 11.3% quarter-on-quarter [1]. Business Segments - The wind turbine and components business generated revenue of 20.833 billion yuan in 2024, down 12.4% year-on-year, with a sales volume of 10.82 GW, an increase of 11.66% [2]. - The average sales price for wind turbines was approximately 1925 yuan/kW, a decrease of 22% year-on-year [2]. - The power generation business achieved revenue of 1.73 billion yuan, up 15.35% year-on-year, with a gross margin of 57.14%, down 5.86 percentage points [2]. Q1 2025 Insights - In Q1 2025, the wind turbine and components segment generated revenue of 5.66 billion yuan, a year-on-year increase of 101%, with wind turbine sales reaching 3.8 GW, up 156.78% [3]. - The power generation revenue was 423 million yuan, down 12.78% year-on-year, with a gross margin of 57.86%, a decrease of 10.67 percentage points [3]. - The main profit contribution in Q1 came from power generation and transfer profits, with a significant reduction in losses from the main engine business [3]. Future Outlook - The company expects to achieve stable pricing and increased volume in the main engine business in 2025, with a historical high of 42.22 GW in hand orders, including over 3 GW in overseas orders [3]. - The anticipated recovery in industry bidding prices is expected to lead to a significant increase in delivery volumes in 2025, with improved gross margins projected [3]. - The company is positioned to benefit from accelerated domestic and overseas order deliveries, with a forecasted EPS of 0.71/0.94/1.16 yuan per share for 2025-2027 [4].

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" with a target price of 14.1 CNY [1][7]. Core Views - The company has shown a recovery in Q1 2025 with a significant increase in revenue and a turnaround in profitability, indicating a positive trend for future performance [1][7]. - The company is expected to benefit from accelerated domestic and international order deliveries, leading to a recovery in manufacturing profitability [7][8]. - The forecasted earnings per share (EPS) for 2025-2027 are 0.71, 0.94, and 1.16 CNY respectively, with corresponding price-to-earnings (PE) ratios of 15, 11, and 9 [7][8]. Financial Performance Summary - For the year 2024, the company reported total revenue of 271.58 billion CNY, a decrease of 3.43% year-on-year, and a net profit attributable to shareholders of 3.46 billion CNY, down 8.12% year-on-year [1][3]. - In Q1 2025, the company achieved revenue of 77.04 billion CNY, an increase of 51.78% year-on-year, and a net profit of 3.02 billion CNY, showing a slight decrease of 0.70% year-on-year but a recovery from previous losses [1][3]. - The company’s total revenue is projected to grow significantly in 2025, with an estimated 39.77 billion CNY, reflecting a year-on-year growth rate of 46.4% [3][8]. Business Segment Performance - The wind turbine and components business generated revenue of 208.33 billion CNY in 2024, down 12.4% year-on-year, while the sales volume of wind turbines reached 10.82 GW, an increase of 11.66% year-on-year [7]. - The power generation segment reported revenue of 17.3 billion CNY in 2024, up 15.35% year-on-year, with a gross margin of 57.14% [7]. - In Q1 2025, the wind turbine and components segment saw revenue of 56.6 billion CNY, a year-on-year increase of 101%, with a significant improvement in gross margin [7]. Order Backlog and Future Outlook - As of Q1 2025, the company secured new orders of 4.89 GW, a year-on-year increase of 154%, with total backlog reaching approximately 42.22 GW, a record high [7]. - The company anticipates a significant increase in delivery volumes in 2025, supported by stable pricing in the industry and a focus on cost reduction [7].

证券代码：601615 证券简称：明阳智能 公告编号：2025-031 明阳智慧能源集团股份公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,281 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 759,045,427 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 35.2983 | 注：上表中"公司有表决权股份总数"已剔除无表决权的明阳智慧能源集团股份公司回购专 用证券账户股数。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长张传卫先生主持。会议采取现场投 票及网络投票相结合的方式召开并表决。会议的召集和召开符合《公司法》、《公 司章程》的规定。 | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | ...

ng lun 師事務所 伙 Limited Liability Partnership 二〇二五年五月 北京市中伦（深圳）律师事务所 关于明阳智慧能源集团股份公司 2024 年年度股东大会的 法律意见书 上东省深圳市福田区益田路 5033 号平安金融中心 A 57/58/59/F, Tower A, Ping An Finance Centre, 5033 Yitian Road, Futian L 电话/Tel : +86 755 3325 6666 传真/Fax : +86 755 3320 6888 北京市中伦(深圳)律师事务所 关于明阳智慧能源集团股份公司 2024 年年度股东大会的 法律意见书 本所律师根据有关法律法规的要求,按照律师行业公认的业务标准、道德规 范和勤勉尽责精神,现场出席了本次股东大会,并对本次股东大会召集和召开的 有关事实以及公司提供的文件进行了核查验证,现出具法律意见如下: 致:明阳智慧能源集团股份公司 北京市中伦(深圳)律师事务所(以下简称"本所")受明阳智慧能源集团 股份公司(以下简称"公司")委托,指派周雨翔律师、梁恒瑜律师出席并见证 公司 2024年年度股东大会(以下简称 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 27.16 billion yuan for 2024, a year-on-year decrease of 3.4%, with a net profit attributable to shareholders of 350 million yuan, down 8.1% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 7.7 billion yuan, representing a year-on-year increase of 51.8%, while the net profit attributable to shareholders was 300 million yuan, a slight decrease of 0.7% year-on-year [2][4]. - The company is expected to have a net profit of approximately 2 billion yuan in 2025, corresponding to a PE ratio of about 12 times [10]. Financial Performance Summary - For 2024, the company’s revenue from wind turbine and related parts sales was 20.8 billion yuan, a decrease of 12% year-on-year, despite a 12% increase in shipments to 10.82 GW [10]. - The revenue from wind farm generation increased by 15% year-on-year to 1.7 billion yuan, driven by an increase in operational scale [10]. - The gross margin for 2024 was approximately 8%, with a slight year-on-year decrease of 0.3 percentage points [10]. - In Q1 2025, the gross margin was 13.2%, down 3.6 percentage points year-on-year, primarily due to product mix factors [10]. - As of the end of Q1 2025, the company's contract liabilities reached 8.59 billion yuan, marking a historical high and laying a foundation for future delivery performance [10].

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company's revenue for 2024 was 27.158 billion yuan, a decrease of 2.52% year-on-year, with a net profit attributable to shareholders of 346 million yuan, down 7.07% year-on-year [1] - The decline in revenue was primarily due to the underperformance in the sales of wind turbines and related components, which generated 20.833 billion yuan, a decrease of 12.40% year-on-year [2] - The company is expected to benefit from the accelerating development of offshore wind power in Europe, with a forecast of 19 GW of new offshore wind capacity globally in 2025 [3] - The company aims to enhance its profitability through technological advancements in offshore wind turbines and the development of large-scale onshore wind turbines [2][3] Financial Summary - For 2024, the company reported a gross margin of 8.1%, down 3.1 percentage points year-on-year, and a net margin of 1.37%, which remained stable year-on-year [1] - The first quarter of 2025 showed a significant revenue increase of 51.78% year-on-year, reaching 7.704 billion yuan, although the net profit decreased slightly by 0.7% year-on-year [1] - The projected net profit for 2025 is estimated at 2.383 billion yuan, with a corresponding P/E ratio of 10 times [4][3]

明阳智慧能源集团股份公司（以下简称"公司"）于 2025 年 2 月 24 日召开 了公司第三届董事会第十七次会议及第三届监事会第十一次会议，审议通过了 《关于变更公司注册资本的议案》《关于修改<公司章程>的议案》。因公司股权激 励限制性股票回购注销事宜，公司注册资本由 2,271,594,206 元变更为 2,271,496,706 元，公司股份总数由 2,271,594,206 股变更为 2,271,496,706 股。 具体内容详见公司于 2025 年 2 月 25 日披露的《关于变更公司注册资本并修改公 司章程的公告》（公告编号：2025-008）。 2025 年 5 月 8 日，公司完成了《公司章程》的备案手续，并取得了中山市 市场监督管理局换发的《营业执照》。本次工商变更后，公司的基本登记信息如 下： 名称：明阳智慧能源集团股份公司 统一社会信用代码：91442000789438199M 类型：股份有限公司（外商投资、上市） 证券代码：601615 证券简称：明阳智能 公告编号：2025-030 明阳智慧能源集团股份公司 关于完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚 ...

Group 1 - Longsheng Guangjie New Energy Co., Ltd. has been established with a registered capital of approximately 161 million yuan [1] - The legal representative of the company is Zheng Zhong [1] - The business scope includes power generation, transmission, and supply (distribution) of electricity [1] Group 2 - The company is jointly held by Mingyang Smart (601615) and Guangxi Energy Group Co., Ltd. through Beijing Jiyuan New Energy Investment Co., Ltd. [1]