Group 1 - The main project of SANY Renewable Energy in Tianjin's Baodi District has successfully topped out, with plans for equipment installation by March and production by May 2024 [1] - The project is crucial for the development of the new energy industry in the Beijing-Tianjin-Hebei region, aiming to enhance the industrial ecosystem and inject new momentum into the sector [1] - The Baodi District is focusing on major projects like SANY Renewable Energy and Guanghuan Xinnet to drive economic growth and attract supporting enterprises [1] Group 2 - Baodi District plans to introduce over 120 physical projects in 2026, with a target of achieving over 10 billion yuan in funding for industrial projects [2] - The district aims to ensure the early completion and effectiveness of key projects such as Feimaotui and SANY Renewable Energy [2]

Group 1 - The completion of the main structure of SANY Renewable Energy's factory in Tianjin marks a significant milestone for the project, which is crucial for the development of the new energy industry in the Beijing-Tianjin-Hebei region [1] - The project aims to enhance the industrial ecosystem in the Baodi District, injecting new momentum into the coordinated development of the new energy sector [1] - The Baodi District is focusing on major projects like SANY Renewable Energy and Guanghuan New Network to drive the economic growth and attract supporting enterprises [1] Group 2 - In 2026, Baodi District plans to leverage the Beijing-Tianjin Zhongguancun Science City as a leading project to ensure the early completion and effectiveness of significant projects like Feimao and SANY Renewable Energy [2] - The district aims to introduce over 120 physical projects in the year, with a target of achieving more than 10 billion yuan in funding for industrial projects [2]

Investment Rating - The report maintains a "Buy" rating for SANY Renewable Energy [6][4] Core Views - The company is expected to report a net profit of 680 million to 880 million RMB for FY25, which is significantly below the consensus estimate of 1.726 billion RMB, representing a year-on-year decrease of 51.43% to 62.47% [1] - The primary reasons for the profit shortfall include the overestimation of the consumption pace of low-priced domestic wind orders from 2024, the impact of policy changes on profit margins from wind farm transfers, and uncertainties surrounding the commencement of offshore wind projects [1] - Looking ahead, the industry is anticipated to enter a growth phase in 2026, driven by recovering order prices in 2025, accelerated delivery of overseas projects, and increasing demand for domestic offshore wind and international projects [1] Summary by Sections Financial Forecasts - The company has revised its FY25 net profit forecast down by 60% to 737 million RMB and adjusted its FY26 and FY27 net profit forecasts down by 32% and 23% respectively, to 1.895 billion and 2.614 billion RMB [4] - The expected earnings per share (EPS) for FY25, FY26, and FY27 are projected to be 0.60, 1.55, and 2.13 RMB respectively [10] - The report indicates a significant recovery in net profit is expected in FY26, with a year-on-year increase of 157.07% [10] Market Conditions - The average bidding price for onshore wind projects in 2025 is projected to be between 1,933 and 2,248 RMB/kW, which is higher than the average price of 1,894 RMB/kW in 2024 [2] - Approximately 70% of the orders for 2025 are expected to be delivered in 2026, suggesting a potential turnaround in profitability for the company's wind turbine business [2] Macro Environment - The macroeconomic environment is favorable for overseas project deliveries, with the value of the company's overseas wind turbine orders exceeding 10 billion RMB and over 2 GW of new orders added in 2025 [3] - The ongoing global interest rate decline is expected to further support the investment in overseas projects, enhancing the delivery pace and profit realization [3]

Investment Rating - The report maintains a "Buy" rating for SANY Renewable Energy [6][4] Core Views - The company is expected to report a net profit of RMB 680 million to RMB 880 million for FY25, which is significantly below the consensus estimate of RMB 1.726 billion, representing a year-on-year decrease of 51.43% to 62.47% [1] - The primary reasons for the profit shortfall include the overestimation of the digestion pace of low-priced domestic wind orders from 2024, the impact of policy changes on profit margins from wind farm transfers, and uncertainties surrounding the commencement of offshore wind projects [1] - Looking ahead, the industry is anticipated to enter a growth cycle in 2026, driven by recovering order prices in 2025, accelerated delivery of overseas projects, and increasing demand for domestic offshore wind and overseas projects [1] Summary by Sections Performance Forecast - The company has adjusted its FY25 net profit forecast down by 60% to RMB 737 million, and the FY26 and FY27 net profit forecasts have been reduced by 32% and 23% to RMB 1.895 billion and RMB 2.614 billion, respectively [4][10] - The expected earnings per share (EPS) for FY25, FY26, and FY27 are RMB 0.60, RMB 1.55, and RMB 2.13, respectively [10] Market Environment - The report highlights that approximately 70% of the orders for 2025 are expected to be delivered in 2026, which is likely to lead to a turnaround in the company's wind turbine business due to industry price recovery and installation demand [2] - The average bidding price for onshore wind projects in 2025 is projected to be higher than in 2024, indicating a return to rational pricing [2] Overseas Projects - The macroeconomic environment is favorable for the delivery of overseas projects, with the company holding over RMB 10 billion in overseas wind turbine orders and having added more than 2 GW of new orders in FY25 [3] - The ongoing global interest rate decline is expected to further support the investment and delivery of overseas projects [3]

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The records primarily discuss the lithium battery, sodium battery, wind power, and photovoltaic sectors, highlighting recent developments and future expectations in these industries. Lithium Battery Sector - **National Capacity Pricing Policy**: The introduction of the national capacity pricing policy is expected to increase the Internal Rate of Return (IRR) for energy storage by over 3%, with more provinces likely to adopt energy storage solutions by 2026 [1] - **Lithium Battery Production**: In February, lithium battery production is projected to decrease by over 10%, indicating that the production season is not as weak as anticipated [1] - **Sodium Battery Testing**: Ningde has initiated winter testing with multiple automotive companies for sodium batteries, with expectations for mass production in Q2 [1] - **Investment Focus**: The preferred investment hierarchy includes energy storage cells (Penghui) > lithium iron phosphate cathodes > energy storage integration (Haibo) > separators (Enjie), copper, and aluminum foil (Nord and Dingsheng) [1] Sodium Battery Sector - **Lithium Carbonate Price Adjustment**: A new round of price increases for lithium carbonate is anticipated following adjustments, with strong downstream purchasing activity observed after recent price drops [2] - **Wind Power Sector Performance**: Recent performance forecasts for the wind power sector have largely fallen short of expectations due to a decline in Q4 shipments and year-end impairments, indicating a confirmed bottom for the main engine sector [2] - **Investment Recommendations**: Recommended stocks include Jinlei Co., Daikin Heavy Industries, and major engine manufacturers (Goldwind, SANY, Yunda, Mingyang) [2] Photovoltaic Sector - **Space Photovoltaics**: The application by SpaceX to deploy 1 million satellites to create a space data center reinforces the logic behind space photovoltaics [3] - **Cost Reduction in Battery Production**: The high silver prices and technological breakthroughs have led to an average cost reduction of over 0.15 CNY/W in copper-based batteries, indicating a potential explosion in the no-silver industrialization [3] - **Investment Focus**: The preferred investment hierarchy includes equipment manufacturers (Liancheng, Lap, Maiwei, Yujing) and battery materials (Bojian, Foster, Kaisheng, Juhua, Dike, Risheng, Junda) [3] AIDC (Artificial Intelligence Data Center) Sector - **New Bidding Opportunities**: The domestic supply chain is entering a new round of bidding, with ByteDance shifting its focus to high-voltage direct current solutions and Nvidia tightening certification for liquid cooling [3] - **Production Increase**: The production capacity of Yingwei's QD is expected to increase by 20 times in Q1, indicating a strong alignment with Nvidia's ecosystem [3]

电新周观点更新：好看太空光伏、储能、锂、钠电 锂电：全国容量电价政策落地，储能爆发确定 #周度变化：1）全国容量电价政策出台，预计储能IRR增加 3%以上，26年会有更多省份储能0-1；2）2月锂电排产 中枢环降10%+，排产淡季不淡；3）钠电宁德开启多个车企冬季测试，Q2有望批量出货。 电新周观点更新：好看太空光伏、储能、锂、钠电 锂电：全国容量电价政策落地，储能爆发确定 #周度变化：1）全国容量电价政策出台，预计储能IRR增加 3%以上，26年会有更多省份储能0-1；2）2月锂电排产 中枢环降10%+，排产淡季不淡；3）钠电宁德开启多个车企冬季测试，Q2有望批量出货。 看好环节排序：储能电芯（鹏辉）＞铁锂正极＞储能集成（海博）＞隔膜（恩捷）、铜铝箔（诺德、鼎胜）、 6F等。 #周度变化：风电板块业绩预告密集落地，受q4出货量下降和年底减值影响，业绩多数不及预期；其中主机板块低 价单已大幅出清，确定性底部已现，预计26Q1毛利率整体开启修复。 看好标的排序：首推金雷股份、大金重工以及主机（金风、三一、运达、明阳）；海风链—塔桩（泰胜、天 顺），海缆（东缆、中天），此外现阶段建议重点关注海力风电。 看好环节排 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688349 证券简称：三一重能 公告编号：2026-003 三一重能股份有限公司 2025年年度业绩预告公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 （1）经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润68,000.00万元到 88,000.00万元，与上年同期（法定披露数据）相比，将减少93,198.30万元到113,198.30万元，同比减少 51.43%到62.47%。 （2）归属于母公司所有者的扣除非经常性损益的净利润41,500.00万元到61,500.00万元，与上年同期 （法定披露数据）相比，将减少97,983.10万元到117,983.10万元，同比减少61.44%到73.98%。 二、上年同期业绩情况和财务状况 （一）利润总额：214,998.9万元。归属于母公司所有者的净利润：181,198.3万元。归属于母 ...

（编辑 王雪儿） 证券日报网讯 1月30日，三一重能发布公告称，公司预计2025年年度实现归属于母公司所有者的净利润 68，000.00万元到88，000.00万元，与上年同期相比，将减少93，198.30万元到113，198.30万元，同比 减少51.43%到62.47%。 ...

Core Viewpoint - Sany Heavy Energy (688349.SH) expects a significant decline in net profit for the year 2025, projecting a net profit attributable to shareholders of between 680 million to 880 million yuan, which represents a decrease of 9.32 billion to 11.32 billion yuan compared to the previous year, equating to a year-on-year decline of 51.43% to 62.47% [1] Financial Performance - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between 415 million to 615 million yuan, reflecting a decrease of 9.80 billion to 11.80 billion yuan compared to the previous year, resulting in a year-on-year decline of 61.44% to 73.98% [1] Market Conditions - The decline in net profit for 2025 is primarily attributed to intensified competition in the domestic onshore wind turbine market in 2024, leading to a drop in bidding prices for wind turbines [1] - The concentrated delivery and sales of orders won in 2024 in 2025, combined with rising prices for key components such as large castings, blade resins, and tower steel, are expected to negatively impact the company's wind turbine gross margin and profit levels [1] - Additionally, the advancement of market-oriented reforms in the pricing of renewable energy in 2025 is anticipated to result in lower profit margins for the company's power station product sales due to a decrease in the on-grid electricity price for new wind power projects [1]

重要内容提示： 三一重能股份有限公司（以下简称"公司"）控股股东的一致行动人王佐 春先生通过上海证券交易所证券交易系统，以集中竞价交易方式增持公司股份合 计 15,000 股，增持金额合计 37.90 万元。王佐春先生暂无增持公司股份的计划。 证券代码：688349 证券简称：三一重能 公告编号：2026-004 三一重能股份有限公司 关于股东前期增持股份的补充公告 本公司董事会、全体董事及相关股东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。 | 增持主体名称 | 王佐春 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 增持股份种类 | 公司 A | 股 | | | | | | | | | 增持股份实施期间 | 年 2025 | 12 | 月 26 | 日～2025 | 年 | 月 12 | 31 | 日 | | | 增持股份 | 年 2025 | 12 | 月 26 | 日～2025 | 年 | 月 12 | 31 | | 日，通 ...