近期振江股份（603507）发布2024年年报，证券之星财报模型分析如下： 经营业绩概述 振江股份在2024年实现营业总收入39.46亿元，同比上升2.71%。然而，归母净利润为1.78亿元，同比下 降2.99%，扣非净利润为1.73亿元，同比下降5.13%。从单季度数据来看，第四季度营业总收入为10.53 亿元，同比下降6.35%，归母净利润为1334.59万元，同比下降76.65%，扣非净利润为205.58万元，同比 下降96.16%。 主要财务指标 盈利能力 2024年全球经济缓慢复苏，通胀有所缓解，主要央行货币政策转向宽松，但分化加剧，全球债务规模高 企，地缘政治依旧充满不稳定性。全球新增风电装机容量121.6GW，同比增长约3%，全球可再生能源 容量增加585GW，总计达到4448GW，年增长率15.1%。 公司战略 公司坚持"以人为本，把产品做成工艺品"的经营理念，推进"两海"战略，抓住新能源发展机遇，整体发 展稳健。公司积极拓展新的利润增长点，南通工厂一期项目建成，美国光伏支架工厂投建完成，沙特光 伏支架工厂和德国风电工厂正在建设中。 成本与费用 资产与负债 现金流 每股经营性现金流：2.66元 ...

振江股份 20250408 摘要 风电板块有哪些亮点和机遇？ 2025 年的风电板块存在多个机遇。首先是海外风机的大兆瓦化，例如西门子从 8 兆瓦及 11 兆瓦提升至 14 兆瓦，这使得核心产品转子的价值量提升了 50%。其 次，由于原材料热卷价格下跌，毛利率恢复至历史最高水平。此外，公司塔筒 业务因越南对其他企业征收 97%的反倾销税，而振江股份被排除在外，从而获 得更多市场份额。在欧洲市场，公司分瓣式塔筒替代混塔方案也带来了新的增 长机会。同时，公司装配类业务也取得显著进展，与西门子合作建设全球最大 的风机装配车间，并承揽大量轮毂订单，这将持续到 2030 年，为公司带来稳定 收入。 燃气轮机业务的发展情况如何？ 自 2024 年以来，振江股份开始为西门子提供燃气轮机发电机外壳和底座，占据 30%的市场份额。由于西门子的燃气轮机 70%销往沙特，而振江股份在沙特也设 有工厂，因此未来可能会进一步拓展至燃气轮机装配工作，目前相关订单正在 洽谈中。 外骨骼机器人项目有哪些进展和应用前景？ Q&A 振江股份在美国的业务情况如何，尤其是光伏支架业务？ 在 2024 年，振江股份对美出口产品仅占总业务的 3.9%， ...

受国际关税政策调整影响，振江股份（603507）股价连续两个交易日大跌。就在4月8日晚间，振江股份 发布情况说明，强调对美出口业务收入占比较小，此次加征关税对公司整体销售收入的影响有限。 去年对美出口收入占比仅约3.9% 振江股份主要从事风电、光伏设备核心零部件制造及装配业务，客户遍布全球多个国家和地区。"经公 司内部统计，公司对美国市场的业务收入占公司总营业收入的比例较低。"振江股份表示，以2024年为 例，公司对美国出口的产品收入占比为3.9%左右，"从业务结构来看，公司出口美国的产品主要是光伏 紧固件、机舱罩，仅涉及公司产品线中的一小部分。" 对于关税政策对公司各业务环节的具体影响，振江股份也进行了详细说明。 从销售环节来看：由于对美出口业务收入占比较小，此次加征关税对公司整体销售收入的影响有限。同 时，公司在美国市场的客户群体相对稳定，与客户一直保持着良好的沟通，且已在美国当地建成光伏支 架工厂，可以降低关税政策对公司在美业务的影响。 从采购环节来看：公司生产所需的原材料及零部件采购来源广泛，主要从国内采购，一般贸易项下从美 国进口的原材料几乎没有。目前公司已建立了多元化的采购渠道，与多个国家和地区的 ...

公司主要从事风电、光伏设备核心零部件制造及装配业务，客户遍布全球多 个国家和地区。经公司内部统计，公司对美国市场的业务收入占公司总营业收入 的比例较低。以 2024 年为例，公司对美国出口的产品收入占比约为 3.9%左右。 从业务结构来看，公司出口美国的产品主要是光伏紧固件、机舱罩，仅涉及公司 产品线中的一小部分。 二、关税政策对公司各业务环节的具体影响分析 1、销售环节：由于对美出口业务收入占比较小，此次加征关税对公司整体 销售收入的影响有限。同时，公司在美国市场的客户群体相对稳定，与客户一 直保持着良好的沟通，且已在美国当地建成光伏支架工厂，可以降低关税政策 对公司在美业务的影响。 证券代码：603507 证券简称：振江股份 公告编号：2025-029 江苏振江新能源装备股份有限公司 相关情况说明公告 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个别及连带责任。 近日，公司股价连续下跌，二级市场投资者关于近期国际关税政策对公司的 影响关注度较高，为维护投资者利益，确保信息披露的及时、准确与完整，本公 司就相关事项说明如下： 一、公 ...

国泰君安证券股份有限公司 关于江苏振江新能源装备股份有限公司 非公开发行股票之保荐总结报告书 经中国证券监督管理委员会《关于核准江苏振江新能源装备股份有限公司非 公开发行股票的批复》（证监许可[2022]1071号）核准，江苏振江新能源装备股 份有限公司（以下简称"振江股份"或"公司"）非公开发行17,044,100股人民币 普通股，发行价格为33.56元/股，募集资金总额为人民币571,999,996.00元，扣除各 项发行费用人民币14,270,754.72元（不含税）后，募集资金净额为人民币 557,729,241.28元。上述募集资金已由大华会计师事务所（特殊普通合伙）于2022 年 8月30日出具的"大华验字[2022]000604号"《验资报告》验资确认，且已全部 存放于募集资金专户管理。 国泰君安证券股份有限公司（以下简称"保荐机构"或"国泰君安证券"） 作为承接振江股份非公开发行股票持续督导的保荐机构，持续督导期限已满。 保荐机构根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自 律监管指引第11号——持续督导》等相关法规和规范性文件的要求，出具本保 荐总结报告书。 一、保荐机构及 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company reported a revenue of 3.946 billion yuan in 2024, a year-on-year increase of 2.71%, while the net profit attributable to shareholders decreased by 2.99% to 178 million yuan [1] - The company has a strong order backlog exceeding 10 billion yuan, with significant contributions from the renewable energy sector, gas turbines, and robotics [2][3] - The company is expected to achieve revenue growth of 41%, 23%, and 18% for the years 2025, 2026, and 2027, respectively, with net profit growth of 76%, 44%, and 29% during the same period [3] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 3.946 billion yuan, with a slight increase of 2.71% year-on-year. The net profit attributable to shareholders was 178 million yuan, down 2.99% from the previous year [1][4] - The fourth quarter of 2024 saw a revenue of 1.053 billion yuan, a year-on-year decrease of 6.35% and a quarter-on-quarter increase of 12.62% [1] Business Segments - The wind power segment generated revenue of 2.469 billion yuan in 2024, up 7.92% year-on-year, while the solar power segment reported revenue of 901 million yuan, down 6.68% [2] - The company has a robust order book, with 2.583 billion yuan in hand as of February 2025, including 2.265 billion yuan for wind power equipment and 1.06 billion yuan for solar equipment [2] Growth Prospects - The company is expanding its global market presence, with new factories in the U.S. and Saudi Arabia expected to contribute to revenue growth in the coming quarters [2] - The gas turbine and exoskeleton robot segments are identified as new growth points, with ongoing research and development efforts leading to patent applications [3] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 5.572 billion yuan, 6.878 billion yuan, and 8.127 billion yuan, respectively, with corresponding net profits of 314 million yuan, 451 million yuan, and 584 million yuan [4][10]

Group 1 - The core viewpoint of the news is that Zhenjiang Co., Ltd. (603507.SH) has disclosed its 2024 annual report, highlighting the institutional ownership and changes in shareholding among various funds and social security funds [1][2] Group 2 - As of April 3, 2025, a total of 103 institutional investors hold Zhenjiang Co., Ltd. A-shares, with a combined holding of 51.68 million shares, accounting for 28.04% of the total share capital [1] - The top ten institutional investors collectively hold 17.34% of the shares, with a decrease of 1.69 percentage points compared to the previous quarter [1] Group 3 - In the public fund sector, there was an increase in holdings from one public fund, namely the Jianxin New Energy Industry Stock A, with an increase of 1.12% [2] - Fourteen public funds reduced their holdings, including notable funds such as the Jiashi Theme New Power Mixed Fund and the Guotai Junan Innovation Growth Mixed Fund, with a total reduction of 1.51% [2] - A total of 81 new public funds disclosed their holdings this period, including Jianxin Xingrun One-Year Holding Mixed Fund and Huaxia Income Mixed Fund [2] Group 4 - One new social security fund disclosed its holdings in Zhenjiang Co., Ltd., specifically the National Social Security Fund 403 Combination [2] - One pension fund, the Basic Pension Insurance Fund 1204 Combination, reduced its holdings slightly compared to the previous quarter [2]

Core Viewpoint - Jiangyin Zhenjiang New Energy Equipment Co., Ltd. announced a partial pledge of shares by its shareholder, indicating a significant portion of shares is pledged, but the controlling shareholders' credit status is deemed good, and the pledge risk is manageable [2][3]. Group 1: Share Pledge Details - Jiangyin Zhenjiang Longwei Investment Enterprise (Limited Partnership) pledged part of its shares, with a total of 5,904,000 shares pledged, accounting for 65.06% of its holdings and 3.20% of the company's total shares [2]. - The controlling shareholders, Hu Zhen and Bu Chunhua, along with Longwei Investment, hold a total of 51,560,262 shares, representing 27.98% of the total shares, with a cumulative pledge of 34,490,400 shares, which is 66.89% of their holdings and 18.71% of the company's total shares [2]. Group 2: Company Overview - Jiangyin Zhenjiang was established on March 1, 2004, with a registered capital of 1,843,013,070 RMB, focusing on the design, processing, and sales of wind power equipment, photovoltaic, and solar thermal equipment [2]. - The company has 3,376 employees and is controlled by Hu Zhen and Bu Chunhua, with 40 subsidiaries including Zhenjiang New Energy (Tongyu) Wind Power Co., Ltd. and Suzhou Zhenjiang New Energy Co., Ltd. [3]. Group 3: Financial Performance - The company's revenue for 2021 to 2023 was 2.425 billion RMB, 2.904 billion RMB, and 3.842 billion RMB, reflecting year-on-year growth of 25.54%, 19.77%, and 32.28% respectively [3]. - The net profit attributable to shareholders for the same period was 179 million RMB, 94.6371 million RMB, and 184 million RMB, with year-on-year growth rates of 166.15%, -47.20%, and 93.57% respectively [3]. - The company's asset-liability ratios were 66.01%, 58.14%, and 60.67% for the years 2021 to 2023 [3].

Audit Opinion - The audit report concludes that the financial statements of Jiangsu Zhenjiang New Energy Equipment Co., Ltd. fairly present the company's financial position as of December 31, 2024, in accordance with accounting standards [1][2]. Key Audit Matters - Revenue recognition is identified as a key audit matter, with total revenue for 2024 reported at RMB 3,945.84 million. The company recognizes revenue when control of the product transfers to the customer, which is critical due to the significant amount of sales [1][2]. - Inventory valuation at year-end is another key audit matter, with a reported inventory balance of RMB 1,161.81 million and a provision for inventory impairment at 16.12%. The valuation process is crucial due to the high percentage of impairment provision [2][3]. Company Overview - Jiangsu Zhenjiang New Energy Equipment Co., Ltd. was established through the restructuring of Jiangyin Zhenjiang Steel Structure Co., Ltd. with a registered capital of RMB 64.77 million. The company went public in November 2017, with a total share count of 125.63 million after the initial public offering [6][7]. - The company operates in the metal products industry, focusing on manufacturing, processing, and selling steel structure components and general equipment [10]. Financial Reporting - The financial statements are prepared based on actual transactions and in compliance with the accounting standards issued by the Ministry of Finance. The company has assessed its ability to continue as a going concern and found no significant doubts regarding its sustainability [10][11]. - The company has a consolidated financial statement scope that includes 38 subsidiaries, reflecting an increase of 9 and a decrease of 1 compared to the previous period [10]. Accounting Policies - The company follows the accrual basis of accounting and uses historical cost for measurement, with provisions for impairment where necessary. The financial statements are prepared in Renminbi [10][21]. - The company recognizes financial instruments upon becoming a party to the contract, measuring them at fair value initially, and categorizes them into three types based on their business model and cash flow characteristics [24].

Group 1 - The internal control audit report for Jiangsu Zhenjiang New Energy Equipment Co., Ltd. was conducted as of December 31, 2024, focusing on the effectiveness of financial reporting internal controls [1][2] - The responsibility for establishing and implementing effective internal controls lies with the company's board of directors, as per the relevant regulations [1] - The audit opinion states that Jiangsu Zhenjiang maintained effective financial reporting internal controls in all material respects as of December 31, 2024 [2] Group 2 - The auditors acknowledge the inherent limitations of internal controls, which may not prevent or detect misstatements [2] - Changes in circumstances may lead to the ineffectiveness of internal controls or reduced compliance with control policies and procedures [2] - The audit was performed by Beijing Dehao International Certified Public Accountants, with specific auditors named in the report [2]