振江股份（603507）公告，2025年第一季度营业收入9.37亿元，同比下降6.16%。净利润719.45万元， 同比下降88.64%。 ...

证券代码：603507 证券简称：振江股份 公告编号：2025-031 江苏振江新能源装备股份有限公司 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 04 月 25 日 （星期五） 至 05 月 06 日 （星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jznee@zjavim.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 江苏振江新能源装备股份有限公司（以下简称"公司"）已于 2025 年 4 月 4 日发布公司 2024 年度报告，将于 2025 年 4 月 30 日发布 2025 年第一季度报告， 为便于广大投资者更全面深入地了解公司2024年度和2025年第一季度的经营成 果和财务状况，公司计划于 2025 年 05 月 07 日（星期三）14:00-15:00 举行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 关于召开 2024 年 ...

证券代码：603507 证券简称：振江股份 公告编号：2025-032 江苏振江新能源装备股份有限公司 关于第三期股票期权激励计划行权价格、数量调整 及部分股票期权注销完成的公告 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。 江苏振江新能源装备股份有限公司（以下简称"公司"）于 2025 年 4 月 2 日 分别召开第四届董事会第八次会议及第四届监事会第七次会议，审议通过了《关 于调整公司第三期股票期权激励计划行权价格、股票期权数量及注销部分股票期 权的议案》，同意将公司第三期股票期权激励计划行权价格由 36.86 元/份调整为 28.11 元/份，行权数量从 6,120,000 份调整为 7.941,312 份；同意注销第三期股票 期权激励计划第二个行权期对应的全部股票期权 3,474,324 份。具体内容详见公 司 2025 年 4 月 4 日在上海证券交易所网站（www.sse.com.cn）披露的《振江股 份关于调整公司第三期股票期权激励计划行权价格、股票期权数量及注销部分股 票期权的公告》。 公司已向中国证券登记结 ...

江苏振江新能源装备股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 证券代码：603507 证券简称：振江股份 公告编号：2025-030 重要内容提示： | 回购方案首次披露日 | 2024/10/31 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元~6,000 万元 3,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 139.9860 | | 累计已回购股数占总股本比例 | 0.76% | | 累计已回购金额 | 3,360.94 万元 | | 实际回购价格区间 | 21.88 元/股~27.88 元/股 | 一、回购审批情况和回购方案内容 江苏振江新能源装备股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日 召开第四届董事会第六次会议，审议通过了《关于以集中竞 ...

Overview of Business Performance - The company achieved total revenue of 3.946 billion yuan in 2024, an increase of 2.71% year-on-year. However, the net profit attributable to shareholders was 178 million yuan, a decrease of 2.99% year-on-year, and the net profit after deducting non-recurring items was 173 million yuan, down 5.13% year-on-year. In Q4 alone, total revenue was 1.053 billion yuan, a decline of 6.35% year-on-year, with net profit of 13.34 million yuan, down 76.65% year-on-year, and net profit after deducting non-recurring items of 205,580 yuan, down 96.16% year-on-year [1][2][8]. Key Financial Indicators - Gross margin was 19.86%, a decrease of 1.7% year-on-year. - Net margin was 4.54%, down 14.5% year-on-year. - Earnings per share were 0.97 yuan, a decrease of 3.0% year-on-year. - The ratio of operating expenses to revenue was 8.78%, an increase of 4.42% year-on-year. - Total sales, administrative, and financial expenses amounted to 346 million yuan [2][6]. Main Business Composition - Revenue from wind power was 2.469 billion yuan, accounting for 62.58% of total revenue, with a gross margin of 23.84%. - Revenue from photovoltaic was 901 million yuan, accounting for 22.82%, with a gross margin of 12.30%. - Revenue from fasteners was 335 million yuan, accounting for 8.49%, with a gross margin of 24.58%. - Other revenue was 126 million yuan, accounting for 3.18%, with a gross margin of -2.21% [6]. Industry Background - The global economy is slowly recovering in 2024, with inflation easing and major central banks shifting to accommodative monetary policies. However, there is increasing divergence, high global debt levels, and ongoing geopolitical instability. - The global new wind power installed capacity reached 121.6 GW, a year-on-year increase of approximately 3%. - The total renewable energy capacity increased by 585 GW, reaching 4,448 GW, with an annual growth rate of 15.1% [3]. Company Strategy - The company adheres to the philosophy of "people-oriented, turning products into crafts" and promotes the "Two Seas" strategy, seizing opportunities in the new energy sector for steady overall development. - The company is actively expanding new profit growth points, with the completion of the first phase of the Nantong factory project, the establishment of a photovoltaic bracket factory in the U.S., and ongoing construction of photovoltaic bracket and wind power factories in Saudi Arabia and Germany [4]. Financial Health - Cash flow per share was 2.66 yuan, a decrease of 1.74% year-on-year. - Cash and cash equivalents amounted to 1.241 billion yuan, an increase of 20.76% year-on-year. - Accounts receivable stood at 538 million yuan, a decrease of 23.41% year-on-year, but accounted for 301.67% of net profit attributable to shareholders. - Interest-bearing debt was 3.35 billion yuan, an increase of 44.18% year-on-year [2][6][8].

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]