Investment Rating - The industry investment rating is maintained as "Positive" [9] Core Viewpoints - The wind power bidding data from January to May 2025 shows a prosperous trend, with a total scale of approximately 64.46 GW, reflecting a year-on-year growth of nearly 20% [9] - International bidding maintains a high growth trend, with wind turbine exports expected to activate new capacity, as April exports reached 134 million USD, a year-on-year increase of 49.31% [9] - The first quarter of 2025 saw a 22.7% increase in domestic public bidding, indicating a potential shift from a "cycle" to a growth phase for the industry [9] Summary by Sections Investment Suggestions and Targets - The land wind cycle is recovering from the bottom, with a focus on companies like Goldwind Technology (002202), Mingyang Smart Energy (601615), and others in the wind power supply chain [4] - The offshore wind cycle is poised for improvement, with recommendations for companies like Dongfang Cable (603606) and Zhenjiang Co., Ltd. (603507) [4] Industry Statistics - In Q1 2025, the domestic public bidding market added 28.6 GW, with onshore capacity at 27.8 GW and offshore at 0.8 GW, indicating a positive outlook for industry demand [9][22]

Investment Rating - The report maintains an "Increase" rating for the electric power equipment industry [1] Core Insights - The humanoid robot sector is expected to see significant growth, with a projected market size exceeding 15 trillion yuan and a production milestone of over 1 million units anticipated in 2025, driven by Tesla's leadership [9][10] - The electric vehicle market is experiencing a price war among manufacturers, with a projected annual sales growth of 30% [11] - The energy storage sector is poised for robust growth, particularly in emerging markets, with a compound annual growth rate (CAGR) of 20-40% expected from 2025 to 2028 [11] Industry Trends - The electric power equipment sector has shown varied performance, with nuclear power increasing by 3.8% and electric equipment declining by 2.44% in the recent week [5] - The humanoid robot industry is witnessing rapid advancements, including significant funding and product launches from various companies [5] - The energy storage market in the U.S. is projected to double its installation capacity in 2025, with significant contributions from large-scale projects [11][15] Company Highlights - Companies like CATL, BYD, and LONGi Green Energy are highlighted as key players with strong growth potential in their respective sectors [8] - Tesla's humanoid robot production is expected to ramp up significantly, with thousands of units planned for release by the end of the year [9] - The report emphasizes the importance of supply chain leaders in the humanoid robot sector, recommending companies involved in core components such as actuators and sensors [10] Investment Strategy - The report suggests a bullish outlook on the humanoid robot sector, recommending investments in leading suppliers and technology companies [9] - For the electric vehicle market, it highlights the importance of maintaining competitive pricing and anticipates continued sales growth [11] - In the energy storage sector, the report recommends focusing on companies that are well-positioned to benefit from emerging market demands and technological advancements [11]

Group 1 - The core viewpoint of the article highlights the recent bullish ratings from brokerages on 30 stocks, with Mingyang Smart Energy leading the list due to a target price increase of 39.88% [1][3] - The sectors with the most stocks rated include capital goods, materials, and technology hardware, indicating a focus on policy-supported areas, particularly high-end manufacturing and green energy [3][4] - Mingyang Smart Energy's strong performance is attributed to a significant increase in wind turbine exports, a recovery in profit margins, and a low valuation compared to peers [4][5] Group 2 - Other notable stocks include Dian Diagnostics, which benefits from aging demographics and precision medicine policies, and Anhui Heli, which has a strong export market and expected margin improvements [5][6] - The article suggests a strategic approach to investing, recommending gradual accumulation of stocks like Mingyang Smart Energy if it surpasses certain price levels, while also monitoring policy developments that could impact the sectors [6][7] - The current market phase is characterized by a transition from policy support to performance-driven outcomes, emphasizing the importance of companies with real orders and healthy cash flows [7]

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others [4][5]. Core Insights - The report highlights significant growth in the photovoltaic sector, with April's new installations reaching 45.22 GW, a year-on-year increase of 214.68% and a month-on-month increase of 74.56% [3][33]. - The electric vehicle market is bolstered by the launch of Xiaomi's Yu7, a high-performance SUV with advanced features, indicating a strong consumer interest in electric vehicles [2][22]. - The overall electricity consumption in April was 772.1 billion kWh, reflecting a year-on-year growth of 4.7%, indicating a stable demand for electric power [4]. Summary by Sections New Energy Vehicles - Xiaomi Yu7 was officially launched, featuring a luxurious design and advanced technology, including an 800V silicon carbide platform and a maximum range of 835 km [2][11]. - The vehicle offers both single and dual motor options, with impressive acceleration capabilities [16][22]. Photovoltaics - In the first four months of 2025, domestic photovoltaic installations totaled 104.93 GW, a year-on-year increase of 74.6% [3][33]. - The inverter exports reached 18.029 billion yuan, with April's exports alone at 5.817 billion yuan, showing strong demand driven by seasonal factors and overseas construction [3][36]. - The report notes a decline in component exports, totaling 62.241 billion yuan, a year-on-year decrease of 26.54% [3][37]. Electric Power Equipment and Automation - The total electricity consumption for April was 772.1 billion kWh, with a cumulative total of 31,566 billion kWh for the first four months, marking a 3.1% year-on-year increase [4]. - Investment in power generation projects reached 193.3 billion yuan, a 1.6% increase year-on-year, while grid investment rose by 14.6% to 140.8 billion yuan [4]. Market Performance - The electric power equipment and new energy sector saw a weekly decline of 0.71%, underperforming compared to the Shanghai Composite Index [1]. - Lithium battery indices showed a significant increase of 2.69%, while solar energy indices experienced a decline of 3.46% [1].

Group 1 - The core point of the news is that Mingyang Smart Energy Group Co., Ltd. has applied for a patent for a method and system to determine the weight center of floating offshore wind turbines, which addresses the challenge of meeting tilt test requirements due to insufficient tilt angles [1] - The patent application was published under CN120027965A, with an application date of December 2024 [1] - The method involves statistical simulation of the weight center information of various subsystems of the floating offshore wind turbine and optimizing theoretical weight center calculations based on measured draft depth changes during installation [1] Group 2 - Mingyang Smart Energy Group Co., Ltd. was established in 2006 and is located in Zhongshan, primarily engaged in the production and supply of electricity and heat [2] - The company has a registered capital of 2,271.496706 million RMB [2] - Mingyang has invested in 142 enterprises and participated in 2,282 bidding projects, holding 51 trademark records and 1,811 patent records, along with 126 administrative licenses [2]

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 ...