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].

近年来，在税务部门的大力宣传和倡导下，企业逐渐认识到保持良好纳税信用的重要性，不少获得A级纳税信用的企业主动将税务合规融入企业管理，将 涉税风险点纳入风险内控机制，用心守护"A级纳税人 "的金字招牌。 近日，河南省税务局组织"合规经营 豫税同行"媒体集中采访活动，实地探访纳税信用A级民营企业诚信纳税故事。图为媒体采访团走进河南羚锐制药股份 有限公司，与企业负责人座谈交流。（许剑飞 摄） 自主研发智慧财税系统 守护A级纳税信用"金字招牌" 走进湖南省特构工程有限责任公司的数字化指挥中心，只见每一个中标的工程项目都有三维展示模型和同步呈现的各类财税数据。 建筑安装项目环节多、跨区域广，收入成本确认时点差异还会引起税会调整。"公司要高质量发展，对财税风险的预判和防控非常重要，必须以合规经营 为基础，打造覆盖全部建筑安装项目的监控和分析平台，实施有效预警和纠错。"公司财务总监张乐介绍。 为此，特构工程公司自主研发了智慧财税系统，将材料采购、机械租赁等12个环节纳入数字化管控，实现项目成本自动归集、电子发票实时验真、跨区域 涉税风险及时预警，并定期对申报、缴纳、信息报告等涉税行为数据进行扫描，使公司33个在建项目的毛利 ...

"2024年，公司积极拓展海外市场业务，新增海外订单规模约3GW。2025年公司将坚持'两海'战略纵深 推进，以大海上战略与全球化战略为双翼，以海外市场为新增长极，进一步强化能力中心建设，聚焦重 点目标市场，着力构建国际化产业生态圈。"明阳智能（601615）董事长兼首席执行官张传卫在2024年 度业绩暨现金分红说明会上表示。 2024年，明阳智能实现营业收入约271.58亿元，归属于上市公司股东的净利润约为3.46亿元。其中，风 机及相关配件销售收入208.33亿元，实现风机对外销售10.82GW，销售规模同比增长11.66%；实现新能 源电站发电收入17.29亿元，电站产品销售收入27.92亿元，同比增长34.21%。2025年第一季度，公司实 现营业收入77.04亿元，归属上市公司股东净利润3.02亿元，其中风机制造板块销售收入约56.61亿元， 同比增长101.05%。 张传卫在业绩说明会上表示，在国家"十四五"规划和"双碳"目标引领下，以可再生能源为主体的新型能 源体系正加速构建，2024年可再生能源装机和招标规模均实现新突破。从已披露2024年度业绩的同行业 上市公司经营数据看，行业整体营收增速边 ...

Investment Rating - The report maintains a "Recommended" investment rating for the wind power industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [2][55]. Core Insights - The report highlights a significant increase in wind turbine bidding, with a total of 33.6 GW bid from January to April 2025, representing a year-on-year growth of 23.2% [11][20]. - The average bidding price for land-based wind power is 1554 RMB/kW, while for offshore wind power, it is 2589 RMB/kW, showing a month-on-month increase of 5.8% for land-based projects [36][40]. - The report identifies three main investment themes in the wind power sector: high domestic offshore wind project reserves, robust land-based wind bidding, and increasing overseas installation growth [40]. Summary by Sections Bidding Volume - From January to April 2025, wind turbine bidding reached 33.6 GW, with offshore and onshore projects accounting for 3.1 GW and 30.5 GW respectively, marking increases of 19.4% and 23.6% year-on-year [11][31]. - In April alone, 12.2 GW was bid, with offshore projects at 0.5 GW and onshore projects at 11.7 GW, reflecting a month-on-month increase of 60.3% for onshore projects [11][20]. Winning Volume - The total winning volume for wind power from January to April 2025 was 32.1 GW, a year-on-year increase of 46%, with offshore and onshore projects contributing 3.8 GW and 28.3 GW respectively [20][21]. - In April, the winning volume was 13.7 GW, with offshore projects at 3.1 GW, showing a significant month-on-month increase of 577.8% [20][21]. Average Winning Price - The average winning price for land-based wind power in April was 1554 RMB/kW, while for offshore wind power, it was 2589 RMB/kW, indicating a competitive pricing environment [36][40]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, and Zhongtian Technology, which are well-positioned to benefit from the anticipated growth in the wind power sector [40].

Group 1: Macro Insights - The report indicates that several incremental policies are expected to be introduced, particularly focusing on fiscal stimulus, expanding domestic demand, and stabilizing foreign trade, including potential budget increases and the issuance of special bonds [5] - CPI and PPI have shown negative growth for three consecutive months, primarily due to insufficient demand, with the central bank highlighting the ongoing imbalance between strong supply and weak demand in the real economy [6][7] - April exports exceeded expectations, driven by "transshipment" to ASEAN and new markets in Africa and India, despite a significant decline in exports to the US [9] Group 2: Energy Sector - The energy sector's overall performance is improving, with thermal power showing differentiated growth, hydropower improving, and green energy facing pressure; future electricity demand is expected to recover as fuel costs decline [25][26] - Recommendations include focusing on undervalued thermal power stocks and green energy operators, with specific companies highlighted for their strong performance and growth potential [26] Group 3: Food and Beverage Sector - The report highlights the strong market position of Jinshiyuan (603369.SH) as a leading player in Jiangsu's liquor market, with ongoing product upgrades and expansion efforts expected to enhance market share [27][28] - The company has achieved significant revenue growth, with projections indicating continued increases in earnings per share (EPS) over the next few years [28][29] Group 4: Electronics Sector - Ruixinwei (603893.SH) is positioned as a leader in the AIoT SoC platform, with substantial revenue growth and profitability improvements expected in the coming years, driven by a robust product matrix and market demand [31][32] - The semiconductor industry is anticipated to experience structural recovery, with AI technology penetration and domestic substitution driving growth across various segments [22][24]