Core Viewpoint - The renewable energy sectors, including wind power, solar energy, and energy storage, are experiencing cyclical fluctuations, with varying performance across different segments. While wind and energy storage companies are maintaining profitability, solar companies are facing significant challenges, particularly in 2024 and early 2025 [1]. Wind Power Industry - The domestic wind power industry showed a recovery from Q4 2024 to Q1 2025, with 23 A-share wind power companies achieving a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan in 2024, reflecting a revenue growth of 4.39% but a net profit decline of 12.70% [5]. - In Q1 2025, these companies reported a revenue of 475.75 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [5]. - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a year-on-year increase of 35.72%, with a net profit of 568 million yuan, up 70.84% [6]. - The recovery in wind turbine prices and expansion into overseas markets have contributed to improved performance for wind turbine manufacturers, including previously loss-making companies [7]. Solar Energy Industry - The solar energy sector faced unprecedented challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a year-on-year decrease of 17.96%, and a net profit of approximately -3.63 billion yuan, down 100.25% [9]. - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 47.44 billion yuan, indicating a significant decline compared to Q1 2024 [9]. - A total of 46 A-share solar companies reported negative net profits in 2024, with leading integrated companies like TCL Zhonghuan, Longi Green Energy, and Tongwei Co. facing the largest losses [10]. - Companies with energy storage businesses, such as Sungrow Power Supply, showed resilience, with notable profit growth driven by their storage segments [11]. Energy Storage Industry - The energy storage sector experienced a downturn in 2024 but showed signs of recovery in Q1 2025, with 21 A-share companies reporting a total revenue of 6.82 billion yuan, a decrease of 3.59%, and a net profit of 745.41 million yuan, down 21.4% [15]. - In Q1 2025, these companies achieved a total revenue of 1.58 billion yuan, a year-on-year increase of 12.39%, and a net profit of 210.33 million yuan, up 34% [15]. - The profitability in the energy storage sector is increasingly concentrated among leading companies, with firms like CATL and Sungrow Power Supply reporting significant profit increases [16]. - The Chinese market remains the largest for energy storage installations, driven by domestic policies and growing overseas demand [17].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The wind power industry is experiencing a recovery at the bottom of the land wind cycle, with expectations for price and volume restoration [3] - The domestic public bidding market for wind power has shown a robust growth trend, with a new bidding volume of 28.6 GW in Q1 2025, representing a year-on-year increase of 22.7% [7][8] - The average bidding price for wind turbine units in March 2025 was 1590 RMB/kW, up approximately 13% from 1403 RMB/kW in April 2024, indicating a stabilization at the bottom and potential profit recovery for the industry [10] - Strong overseas export data suggests an improvement in international market conditions, with wind turbine exports reaching 146 million USD in March 2025, a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [13] Summary by Sections Investment Suggestions and Targets - Focus on the recovery of the wind power industry chain, suggesting attention to companies such as Goldwind Technology (002202), Mingyang Smart Energy (601615), and others [3] - For offshore wind, companies with high relevance to offshore wind segments such as Dongfang Cable (603606) and Zhenjiang Co. (603507) are recommended [3] Market Trends - The bidding data for Q1 2025 supports positive expectations for the domestic land wind market, despite concerns about the sustainability of this growth [7][8] - The price stabilization of wind turbine units is expected to lay the groundwork for profit recovery across the industry [10] Export Performance - The international market for wind turbines is anticipated to improve, with significant growth in export volumes and bidding successes for Chinese manufacturers [13]

Summary of SANY Renewable Energy Conference Call Company Overview - **Company**: SANY Renewable Energy - **Year**: 2024 - **Revenue**: 17.792 billion CNY, up 19.1% YoY - **Net Profit**: 1.812 billion CNY, down 9.7% YoY due to reduced government subsidies and cautious asset impairment [2][5][9] Key Financial Metrics - **Gross Margin**: Increased to 16.9%, up 3.28 percentage points YoY - **Operating Expense Ratio**: Decreased to 10.13%, down 1.89 percentage points YoY - **R&D Investment**: 777 million CNY, 4.37% of revenue [2][5][6] Market Performance - **Installed Capacity**: 9.15 GW added in 2024, up 23.5% YoY - **Market Share**: Domestic market share increased to 10.52% - **New Orders**: Exceeded 20 GW, with backlog over 24 GW - **Offshore Orders**: Significant breakthroughs in offshore projects, with nearly 2 GW signed in overseas markets [2][7][11] Industry Dynamics - **Wind Power Industry Growth**: 2024 saw a 4.53% increase in new wind power installations, totaling 79.34 GW, with cumulative capacity reaching 521 GW, up 18% YoY [3][4] - **Policy Support**: Multiple government policies introduced to support rural wind power development and upgrade old turbines [3] - **Price Trends**: Industry bidding prices have increased, with a focus on quality over low-cost competition [3][21][22] Sustainability Initiatives - **CO2 Reduction**: Generated approximately 135.8 billion kWh, reducing CO2 emissions by 72.87 million tons - **Certifications**: Received Equator Silver certification and recognized as a Lighthouse Factory by the World Economic Forum [2][8] Future Outlook - **2025 Projections**: Expected growth in domestic and international wind power installations, with a forecasted increase of about 30% YoY [2][11][12] - **Inventory Management**: As of Q1 2025, inventory increased to 7 billion CNY to manage delivery pressures [20] - **Cost Management**: Focus on reducing costs through supply chain collaboration and innovation [36] Strategic Focus - **R&D and Innovation**: Continued high-level investment in R&D, with plans to enhance product quality and customer satisfaction [43][44] - **Global Expansion**: Emphasis on international market growth, particularly in India and Central Asia [27][28][46] - **Long-term Partnerships**: Aiming to establish long-term relationships with customers, positioning as a reliable partner in the wind energy sector [47][48] Challenges and Risks - **Profitability Concerns**: Net profit decline attributed to reduced government support and increased asset impairment [9][22] - **Market Competition**: The industry faces challenges from price competition and the need for high-quality products [22][23][30] Conclusion SANY Renewable Energy is positioned for growth in the wind power sector, with strong revenue growth and a focus on sustainability and innovation. The company is navigating challenges in profitability and competition while expanding its market presence both domestically and internationally.

证券代码：688349 证券简称：三一重能 公告编号：2025-039 根据参与对象实际认购和最终缴款的审验结果，本次员工持股计划实际参与 认购的员工共计 837 人，认购资金已全部实缴到位，最终缴纳的认购资金总额为 89,650,349.67 元，认购份额对应股份数量为 2,997,337 股，股份来源为公司回购 专用证券账户的公司 A 股普通股股票。 2025 年 4 月 29 日，公司收到中国证券登记结算有限责任公司出具的《证券 过户登记确认书》，公司回购专用证券账户中所持有的 2,997,337 股公司股票已于 2025 年 4 月 28 日非交易过户至"三一重能股份有限公司－2025 年员工持股计划" 证券账户（证券账户号码：B887213629），过户价格为 29.91 元/股。截至本公告 披露日，本次员工持股计划证券账户持有公司股份 2,997,337 股，占公司总股本 的比例为 0.24%。 根据《三一重能股份有限公司 2025 年员工持股计划（草案）》的相关规定， 本次员工持股计划的存续期为 72 个月，自本计划经股东大会审议通过且公司公 告最后一笔标的股票过户至本员工持股计划名下之日起计算 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 17.79 billion yuan, representing a year-on-year growth of 19.1%, while the net profit attributable to shareholders is expected to decline by 9.7% to 1.81 billion yuan [8] - The gross margin for 2024 is forecasted at 16.9%, a slight decrease of 0.1 percentage points year-on-year [8] - The company has achieved record high domestic new orders exceeding 20GW in 2024, with nearly 2GW of new project contracts signed overseas [8] - The company anticipates an improvement in wind turbine gross margins in the coming quarters due to increased shipment proportions of new models and cost reductions in the supply chain [8] Financial Projections - Total revenue projections for the company are as follows: - 2023: 14.939 billion yuan - 2024: 17.792 billion yuan - 2025: 21.474 billion yuan - 2026: 25.459 billion yuan - 2027: 28.769 billion yuan - Net profit attributable to shareholders is projected to be: - 2023: 2.007 billion yuan - 2024: 1.812 billion yuan - 2025: 2.125 billion yuan - 2026: 2.658 billion yuan - 2027: 3.162 billion yuan - The earnings per share (EPS) estimates are: - 2023: 1.64 yuan - 2024: 1.48 yuan - 2025: 1.73 yuan - 2026: 2.17 yuan - 2027: 2.58 yuan [1][9]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profit growth for 2025-2027 being 22.0 billion, 26.9 billion, and 31.7 billion respectively, corresponding to PE ratios of 13, 11, and 9 [3][7]. Core Insights - In 2024, the company achieved revenue of 17.8 billion, a year-on-year increase of 19.1%, but the net profit attributable to shareholders decreased by 9.7% to 1.81 billion. The first quarter of 2025 saw revenue of 2.19 billion, up 26.6%, but a significant decline in net profit to -191 million, down 172% year-on-year [2][3]. - The manufacturing business is stabilizing, with significant breakthroughs in the "Two Seas" strategy expected to drive profit recovery. The wind turbine manufacturing segment generated revenue of 13.6 billion in 2024, with a gross margin of 10.99%, a slight decrease of 0.19 percentage points year-on-year. The company secured contracts for nearly 2GW of new projects in various international markets [2][3]. - The company transferred approximately 700MW of wind power projects in 2024, generating sales of 3.47 billion, a remarkable increase of 446%. However, the first quarter of 2025 saw a decrease in project transfers, impacting net profit [3]. - Inventory levels increased significantly, with a year-on-year growth of 66% to approximately 7 billion, while accounts receivable turnover improved, with a reduction of 34 days in turnover days [3]. Summary by Sections Performance Review - In 2024, the company reported total revenue of 17.8 billion, a 19.1% increase year-on-year, and a net profit of 1.81 billion, down 9.7% [2]. - The first quarter of 2025 showed revenue of 2.19 billion, a 26.6% increase, but a net loss of 191 million, a 172% decline year-on-year [3]. Operational Analysis - The wind turbine manufacturing segment generated 13.6 billion in revenue in 2024, with a gross margin of 10.99%, down 0.19 percentage points [2]. - The "Two Seas" strategy has led to significant breakthroughs in international markets, with new contracts signed for nearly 2GW of projects [2]. Financial Forecast and Valuation - The forecast for net profit from 2025 to 2027 is 22.0 billion, 26.9 billion, and 31.7 billion, with corresponding PE ratios of 13, 11, and 9 [3][7].

业绩简评 2025 年 4 月 28 日公司披露 2024 年年报及 2025 年一季报，2024 年全年公司实现营收 178 亿元，同比增长 19.1%；实现归母净利润 18.1 亿元，同比下降 9.7%，实现扣非归母净利 15.9 亿元，同比 下降 1.8%。2025 年一季度公司实现营收 21.9 亿元，同比增长 26.6%；实现归母净利润-1.91 亿元，同比下降 172%。 经营分析 制造业务盈利筑底，"两海"突破有望带动盈利回升：2024 年公司 风机制造板块实现收入 136 亿元，同比增长 13.8%，实现毛利率 10.99%，同比下降 0.19pct。2024 年以来公司"两海"业务取得多 项重大突破：海外方面，公司深耕中亚、南亚、东南亚等类中国市 场，突破欧洲高端市场，在印度、哈萨克斯坦、菲律宾、德国等地 区实现订单获取，全年新签项目合同近 2GW；海上方面，公司中标 揭阳石碑山 200MW 风电项目及河北建投祥云岛 250MW 海风项目， 海上机型进入批量化交付阶段。2024 年公司海外毛利率约 21.7%， 较国内风机业务毛利率高 10pct 以上，预计随着公司"两海"持续 突破，交付占 ...

中信证券股份有限公司 关于三一重能股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券"）作为三一重能股份有限公司 （以下简称"三一重能"或"公司"）首次公开发行股票并在科创板上市及持续督导 的保荐机构，根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用 的监管要求》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运 作》《证券发行上市保荐业务管理办法》以及《上海证券交易所科创板股票上市 规则》等有关法律法规和规范性文件的要求，就三一重能 2024 年度募集资金存 放与实际使用情况进行了审慎核查，发表意见如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意三一重能股份有限公司首次公开发行 股票注册的批复》（证监许可〔2022〕817 号）核准，公司向社会公开发行人民 币普通股（A 股）188,285,715 股，每股面值 1.00 元，每股发行价格为 29.80 元。 本次公开发行募集资金总额为 561,091.43 万元，扣除总发行费用 14,021.58 万元（不含增值税），募集 ...

中信证券股份有限公司 关于三一重能股份有限公司 增加 2025 年度日常关联交易预计的核查意见 中信证券股份有限公司（以下简称"中信证券"）作为三一重能股份有限公 司（以下简称"三一重能"或"公司"）首次公开发行股票并在科创板上市的保 荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票 上市规则》等相关规定履行持续督导职责，对三一重能增加 2025 年度日常关联 交易预计事项进行了核查，核查情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、三一重能股份有限公司（以下简称"三一重能"或"公司"）于 2024 年 12 月 20 日召开第二届董事会第十一次会议和第二届监事会第九次会议、于 2025 年 1 月 9 日召开 2025 年第一次临时股东大会，审议通过《关于 2025 年度日常关 联交易额度预计的议案》，预计公司 2025 年度日常关联交易预计金额合计为 414,981.68 万元人民币。 2、公司于 2025 年 4 月 28 日召开第二届董事会第十七会议、第二届监事会 第十五次会议和第二届董事会独立董事专门会议第十次会议，审议通过了《关于 增加 2025 ...

三一重能股份有限公司 已审财务报表 2024年度 三一重能股份有限公司 目 录 | | 页 | | 次 | | --- | --- | --- | --- | | 审计报告 | 1 | - | 7 | | 已审财务报表 | | | | | 合并资产负债表 | 8 | - | 10 | | 合并利润表 | 11 | - | 12 | | 合并股东权益变动表 | 13 | - | 14 | | 合并现金流量表 | 15 | - | 16 | | 公司资产负债表 | 17 | - | 18 | | 公司利润表 | | 19 | | | 公司股东权益变动表 | 20 | - | 21 | | 公司现金流量表 | 22 | - | 23 | | 财务报表附注 | 24 | - | 167 | | 补充资料 | | | | | 1.非经常性损益明细表 | 1 | - | 2 | | 2.净资产收益率和每股收益 | | 3 | | 审计报告 安永华明（2025）审字第70023332_G01号 三一重能股份有限公司 三一重能股份有限公司全体股东： 一、审计意见 我们审计了三一重能股份有限公司的财务报表，包括2024年12月 ...