Summary of the Conference Call for Zhenjiang Co., Ltd. Industry and Company Overview - The conference call pertains to Zhenjiang Co., Ltd., focusing on its operations in the photovoltaic (PV) and wind energy sectors, particularly in the U.S. and Saudi Arabia markets [1][2]. Key Points and Arguments Photovoltaic Business in the U.S. - In 2024, Zhenjiang's exports to the U.S. accounted for only 3.9% of total business, primarily in fasteners and cabin components [3][21]. - The U.S. factory mainly produces PV brackets, with expected shipments of approximately 80,000 tons in 2025, a significant increase from 30,000 tons in 2024 [3][30]. - The customer base is diversifying, including companies like ATI NexTracker, IDP, and Trina Solar, with orders already placed [3][14]. - The U.S. factory benefits from local production, avoiding tariff impacts, and is expected to contribute positively to earnings in Q2 2025 despite subsidy suspensions [3][16][29]. Photovoltaic Business in Saudi Arabia - The Saudi factory is set to commence operations in December 2024, with an anticipated shipment of 40,000 tons in 2025 to meet local demand [5][17]. - A dual exclusivity agreement with GCS ensures that Zhenjiang will be the sole supplier for GCS's orders, indicating strong market demand [5][17]. Wind Energy Sector Opportunities - The wind energy segment is experiencing growth due to the increasing size of offshore wind turbines, with rotor value increasing by 50% [6]. - The decline in raw material prices has restored gross margins to historical highs, and Zhenjiang's tower business is gaining market share due to anti-dumping exemptions in Vietnam [6]. - Collaboration with Siemens on assembly operations is expected to provide stable revenue through significant orders until 2030 [6]. Gas Turbine Business Development - Zhenjiang has captured a 30% market share in providing gas turbine generator housings and bases for Siemens, with potential expansion into gas turbine assembly [7]. Exoskeleton Robot Project - The exoskeleton robot project is expanding into outdoor sports and elderly assistance, with plans for mass production of lower limb exoskeletons by 2025 and shoulder joint prototypes [8]. - The technology aims to enhance user quality of life and reduce physical strain, targeting both industrial and consumer markets [8][27]. Product Transition and Profitability - The main export product for Baolai has shifted from 11 MW to 14 MW wind turbines, with profit margins returning to historical highs due to better pricing and lower raw material costs [9]. Assembly Business and Order Conversion - Framework orders are expected to convert into actual orders by July and August, with a high historical conversion rate [10][23]. - The Nantong assembly plant is ramping up production, with significant contributions expected in 2026 [10][13]. Local Supply Considerations - Current local supply needs are limited due to the focus on direct-drive wind turbines, but future domestic casting capacity may be developed [11]. European Market Outlook - Long-term contracts with Siemens and Vestas are expected to stabilize revenue, with a projected 15% compound annual growth rate in European offshore wind over the next five years [22]. Revenue and Risk Factors - Zhenjiang aims for a revenue target of 6 billion yuan for 2025, supported by existing orders, with potential risks including production delays and shipping issues [24]. Financial Performance Expectations - The overall performance in wind and PV sectors is expected to align with forecasts, with a recovery in U.S. production anticipated in 2025 [25]. U.S. Solar Installation Projections - The U.S. solar installation capacity is projected to exceed 40 GW in 2025, a significant increase from 30 GW in 2024, despite subsidy suspensions [26]. Pricing Trends in U.S. Solar Market - The processing fee for U.S. solar brackets has decreased from $380-$400 per ton in 2024 to $350 per ton in 2025, with expectations for price stability moving forward [29]. Additional Important Information - The company is actively exploring the consumer market for exoskeleton robots, with plans for product launches and user experience events in the near future [27][28].

Core Viewpoint - The company emphasizes that the impact of the recent U.S. tariff adjustments on its overall sales revenue is limited due to the small proportion of its export business to the U.S. market, which accounts for only about 3.9% of total revenue [2][5]. Group 1: Business Impact Analysis - The company's export revenue to the U.S. is primarily from a small range of products, including photovoltaic fasteners and nacelle covers, indicating a limited exposure to the tariff impact [2]. - The company has established a photovoltaic support factory in the U.S., which helps mitigate the effects of the tariff policy on its business operations [3]. - The company maintains a stable customer base in the U.S. and has good communication with clients, further reducing potential risks from tariff changes [2][3]. Group 2: Strategic Responses - The company plans to expand its market presence beyond the U.S., particularly in Europe and countries involved in the Belt and Road Initiative, to reduce reliance on the U.S. market [4]. - The company is enhancing its supply chain by diversifying and localizing procurement, focusing on increasing the proportion of domestically sourced materials and components [4]. - The company aims to boost its research and development efforts to innovate and upgrade products, thereby enhancing its competitive edge in response to external market changes [4]. Group 3: Financial Performance - In the latest annual report, the company achieved a revenue of 3.946 billion yuan, a year-on-year increase of 2.71%, while net profit decreased by 2.99% to 178 million yuan [6]. - The company has secured significant orders, with a total of 2.583 billion yuan in hand orders as of February 2025, including 2.265 billion yuan for wind power equipment [8]. - By 2030, the company anticipates having approximately 14.6 billion yuan in framework orders, indicating strong future revenue potential [8].

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].

Core Viewpoint - Jiangsu Zhenjiang New Energy Equipment Co., Ltd. has adjusted the exercise price and quantity of its third stock option incentive plan, as well as canceled a portion of stock options due to performance assessment failures of its wholly-owned subsidiary [1][4][8] Decision Procedures and Disclosure - The board of directors and the supervisory board have approved the adjustments to the stock option incentive plan, with independent directors expressing agreement [1][4] - The company conducted a public notice period of 10 days for the list of incentive objects, receiving no objections [2] Adjustment Details - The stock option exercise price has been adjusted from 36.86 yuan to 28.11 yuan per share, and the number of stock options has increased from 6,120,000 to 7,941,312 [7] - The adjustments were made following the company's annual profit distribution plan and relevant regulations in the incentive plan [6][7] Canceled Stock Options - A total of 3,474,324 stock options will be canceled due to the failure of Jiangsu Zhenfeng New Energy Co., Ltd. to meet its performance targets, specifically a net profit of no less than 120 million yuan for the year 2024 [8] - The cancellation affects 9 incentive objects who had not exercised their options [8] Impact on Company - The adjustments to the stock option exercise price and quantity, along with the cancellation of certain stock options, are not expected to have a significant impact on the company's financial status or operational results [8] - The stability of the management team and the continuation of the stock option incentive plan will not be affected [8] Supervisory Board's Review - The supervisory board has confirmed that the adjustments comply with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [8][9]

Core Points - The company is seeking shareholder approval to authorize the board to issue shares to specific investors through a simplified process, with a total financing amount not exceeding RMB 300 million and not exceeding 20% of the net assets as of the end of the previous year [1][5] - The authorization period is from the approval date of the 2024 annual shareholder meeting until the 2025 annual shareholder meeting [1][5] Group 1: Authorization Details - The board will confirm whether the company meets the conditions for issuing shares through a simplified process according to relevant laws and regulations [2] - The type of shares to be issued will be domestic listed ordinary shares (A shares) with a par value of RMB 1, and the number of shares will be determined based on the total amount of funds raised divided by the issue price, not exceeding 30% of the total share capital before the issuance [2] - The issuance will be conducted through a simplified process targeting specific investors, including qualified institutional investors and individuals, with a maximum of 35 participants [2][3] Group 2: Pricing and Fund Usage - The pricing will be based on 80% of the average trading price of the shares over the 20 trading days prior to the pricing date [2] - The raised funds will be used for projects related to the company's main business and to supplement working capital, adhering to regulatory requirements [3] Group 3: Additional Provisions - The unallocated profits before the issuance will be shared by both new and existing shareholders based on their shareholding ratios after the issuance [4] - The shares will be listed on the Shanghai Stock Exchange [4] - The board is authorized to handle all matters related to the issuance, including adjustments to the issuance plan based on market conditions and regulatory requirements [4]